- January 19, 2023
- Posted by: New School
- Category: General
Are you on the hunt for the perfect optometry practice to call your own? Well, hold your horses! Before you dive headfirst into the world of practice ownership, there are a few mistakes you’ll want to avoid. Trust us, we’ve seen it all at Optirova.
Mistake #1: Skipping the research. Just because a practice is for sale, doesn’t mean it’s the right fit for you. Take the time to research the optometry market in the area where you’re looking to buy. Know your demographics, competition, and potential for growth. Skipping this step could lead to overpaying for a practice that’s not quite right for you.
Mistake #2: Being wishy-washy. Before you start browsing listings, have a clear idea of what you’re looking for in a practice and your long-term goals. This will help you spot the practices that align with your vision and steer clear of the ones that don’t.
Mistake #3: Going it alone. Buying a practice is a big investment, and it’s important to have a team of professionals to help guide you through the process. This includes a lawyer,
accountant, and practice consultant like Optirova, who can help you navigate the ins and outs of practice ownership.
Mistake #4: Skimming the financials. Before you make an offer, take a deep dive into the practice’s income, expenses, and cash flow. Skipping this step could lead to unexpected
financial challenges down the road.
Mistake #5: Not negotiating. Before you sign on the dotted line, make sure to negotiate the terms of the sale. This includes the purchase price, financing, and any contingencies. Not negotiating could mean missing out on a better deal.
Avoiding these common mistakes will help ensure your search for the perfect optometry practice is smooth sailing. And if you ever need a helping hand, remember Optirova is here to guide you through the process. Happy hunting!