- January 2, 2020
- Posted by: New School
- Category: General
Trends come and go, but good business decisions last forever. If you are looking to buy or sell a professional practice in 2020 you may find yourself overwhelmed with exactly where to start. Here we’ll discuss the proper steps you should take to help you see clearly (see what we did there) in the new year.
Finding a Seller
It can be a very daunting task to begin searching for optometry practices for sale. Find reputable members within the industry to assist in starting the search and qualifying practices. Some things to keep an eye out for is a strong online presence and networking history.
Determining Value
if you are looking to buy or sell a practice it is very important to talk with an expert about valuation. This is also a great time to really determine what adds value to a practice you are looking into, as well as increasing that value for your own practice you are looking to sell! Some things to consider:
- Provide a valuation based on multiple models of appraisal.
- Determine the value of the current equipment and fixtures of the practice.
- Give an estimate of goodwill
Analyzing The Practice
After determining your benchmarks for the value the next step is to take a deep dive into analyzing the practice you are looking to buy or sell. Are services being properly valued? A deep dive into accounting and financial statements is essential during this stage.
Finding Proper Guidance
Once you’ve determined some courses of action it’s important to find proper guidance in making the right decision. This stage includes consulting with a professional on marketing, finances, and staffing. Any sudden decisions could result in big mistakes so always make sure you are taking your time to discuss things thoroughly.
Moving Forward
You made it! Now it’s time to buy or sell a professional optometry practice. At this point, you should be overly satisfied with any consulting service and ready to move forward. Now onto success in 2020!