Tips for Buying an Optometry Practice
Optometry practices are part of a market that moves millions of dollars every year. It is a business model that is booming and expected to grow even more over the coming years, mainly because more people need corrective lenses for their daily lives.
If you’re planning to buy a practice, you already know that it is one of the most important decisions you’ll ever make. Finding this kind of business is much more complicated than buying a car or a home because the asset you are acquiring has many more aspects to consider.
However, it is much faster and simpler than starting your own practice from scratch. Simply put, the key to success lies in planning everything ahead of time, doing your research and establishing an extremely detailed plan for purchasing your business.
If you want to make this extremely important decision in order to continue growing professionally, at CECOP USA we can help you understand the steps to take in purchasing a practice.
4 keys for buying an optometry practice
Nowadays, there are many people interested in purchasing a practice. Whether you’re a new graduate starting your career or an experienced veteran looking to expand your business, keep these points in mind. They’ll help guide you in purchasing your practice.
Buying your own practice isn’t a decision to be taken lightly. First, you must look at your finances. Can you afford to pay for it yourself? If not, you’ll have to apply for a loan. What collateral do you have? How much cash can you put towards the purchase, and how much do you need to finance? Answering these questions and thinking about your financial situation is key before you can move on to the next step.
Location of the practice
Location is key. If it is hard to get to or has poor visibility, your income could take a hit. Based on your needs, you’ll have to choose whether you want to work in a rural area, buy a practice downtown or find a place in the suburbs.
In choosing your location, it’s also important to consider the demographics of the local population, whether it is a growing area and even how many practicing optometrists the area already has. A practice located near restaurants, grocery stores or medical centers will guarantee more people will stop to look and end up coming in.
Identifying the practice
After analyzing and studying the right location for your practice, the next step is to find one for sale that is ready for you to buy. There are several options for this.
First, you might want to buy into an existing practice as a partner. Joining and working with a larger group of specialists could be an important advantage in achieving your goals. Because you’ll have a constant flow of patients and the initial costs will be lower than starting your own practice. Plus, you’ll have skilled staff right from the beginning.
Or you may be interested in buying a practice from an optometrist who wants to retire, so you can start from scratch. In either case, make sure you’re getting a practice ready to go. Then get familiar with all the facets of the business, from staff to operations and financials.
When you’ve found the right practice, it’s time to close the deal. Before you do, we recommend meeting with legal advisers, lawyers and consultants that specialize in medical practices who can answer any questions you have, as well as reviewing the important documents. This is the only way you can make sure the practice you’re buying is the right one for you.
These specialists will help you with closing the deal and buying the practice, considering the most important legal issues involved. Then, when you’re finished, all that hard work should guarantee a seamless transition.
Remember, an analytic, impartial, patient-based approach to buying a practice is key to achieving your goal.
Now you know the basics for purchasing an optometry practice. We hope you found this article helpful. Don’t hesitate to contact us if you have any questions or concerns.