Buy or Sell Your
Optometric Practice

Buying An Optometric Practice or Optical Shop

How Web OD Can Help You Buy An Optometric Practice

We have pre-qualified practices ready for buyers

Each listing has been examined by experts. We've gathered all the vital information, and we've assigned it a realistic value based upon our proprietary valuation formula that we've developed over 25 years of arranging the sales of optometric practices.

Our listings are exclusive.

Our arrangement with the sellers is that we are the exclusive agent for the sale. If you see a practice that interests you, contact us. We're very good at this, and quality practices don't hang around for long.

We can conclude the sale quickly

We've determined that our sellers are motivated, and we've helped them prepare to sell. When you take interest in a Web OD listing, you won't be dealing with foot draggers and waverers. All the prep work is already done.

We can help you get financing

If you are a NY State licensed optometrist, we have a lender that is willing to finance your practice purchase. You are welcome to pursue your own financing, or just have us help you with this too.

Considering A Purchase

Purchasing a practice is a huge decision. It is also the dream of most students as they enter optometry school. Not every optometrist gets to turn that dream into a goal. Many survive an entire career working at chain optical stores on schedules that others dictate. Some optometrists have to split their time between several employers. And there is the ever nagging feeling of job insecurity that comes with working for someone else.

Perhaps you've seen this for a while. Perhaps you know you could do it better. Perhaps you'd rather not sit in a mall shop, the week before Christmas, at 9:30 pm. Perhaps you'd rather be out with the spouse, buying gifts for the kids.

And for some optometrists, it might just be time for a change. Get away from the rat race. You've made your nest egg. You're fed up with the traffic. You are still young enough to enjoy your life. So you want to move somewhere closer to the things you love. It could be sailing, or golf, or skiing. Time to buy a practice near that resort.

Deciding What you Want

You need to think about this. You don't just buy a practice willy nilly. All sorts of factors need consideration, such as:

  • Location - what region do you want? Urban, suburban, or rural
  • Clientele - Upscale & trendy, upscale & conservative, working class? - which group do you enjoy working with? Which do you react well with?
  • Revenue & Staff Size - Busy opticals can bring in a lot of money, and require a lot of effort. You may want that kind of challenge, or you may want a more relaxed lifestyle that fits your family life better.
  • Build up or turnkey - many would prefer to walk into a thriving practice and take over, while others recognize an opportunity and welcome a challenge to build up a practice that reflects their own style.
  • Specialties - Some optometrists may prefer to specialize in low vision, vision therapy, or contact lens practices.

We recommend that you think about what you do and do not want.

Financing The Purchase

Securing financing when buying a practice is always a concern. You may have some savings stashed away, but in all likelihood it is not enough to finance the purchase of a practice. Friends and family may wish to help, but you may be wary of such complications. Most lenders will require a realistic business plan, and want to examine the financials of the business you plan to purchase.

We can help you with the business plan. We'll have the financials ready for you to submit.

But, we may have a way to make it easier for you to obtain financing, provided you are a NY State licensed optometrist.

Life Changes With Ownership

Owning an optical shop means you'll be doing a lot more than refracting. You'll have a big investment, and a creditor to pay. You'll have employees that will rely upon you. And you'll be building your future.

These are some of the skills you'll have to master:

  • Inventory control
  • Staff management
  • Accounting
  • Marketing
  • Merchandising
  • Quality control
  • Customer relations
  • Computer systems

Don't be frightened off by all this. All owners have mastered these skills to varying degrees. For some, you'll hire outside help, but you'll need to know enough to ensure that they are being done correctly. You'll have to be certain you are ready for the committment.

Staffing

Most times you'll want to retain the staff of a practice you purchase. This helps the clientele transition to the new owner. A good staff already knows efficient procedures, and can help the new owner immeasurably.

Sometimes, however, staffing must change. There can be personality conflicts, or attitude issues that are hurting the business. It can also happen that there is pilferage that must be addressed. The reality is that not every employee is perfect. But be careful about wholesale staff changes, which can severely damage a business reputation in a community.

Finding Suitable Practices

Up until now, finding optometric practices for sale has been very difficult. Sometimes you might find out about one through word of mouth at an Optometric Society meeting. You could scour classified ads in the few trade journals. You could sometimes find a few online in business broker listing.

These sources are not known for producing suitable practices at the right time. Generally you have to be in a position to buy, and lucky enough to hear about something before others do, and act quickly. That is, if it is any good. Up until now, this has been a process fraught with peril. The need to act quickly to buy the rare good practice leads to mistakes and oversights, often costly.

With Web OD, you can register with us, and when we find something suitable, we contact you with it. We know what you are looking for, and we've prepared you so that you are ready to act on a prime opportunity.

Evaluation

Do you know what to look for in a practice? Do you know everything to look for? Chances are, you don't. From the books and the record cards, to the inventory, equipment, storefront, and neighborhood traffic. We know what to look for, and we've already factored them in to the valuation assessment. We'll gladly go over them with you for each business you consider.

The Offer

There is some negotiation in every deal. The seller wants his asking price. Sometimes he has other concerns as well. Meeting those concerns can help you get a better deal. But, making the wrong offer can insult the seller and sour the deal. We'll help guide you on making a sensible offer that has a chance of getting you to the negotiating table.

Concessions

In negotiations, both sides are likely to make concessions. Some concessions can be relatively benign, but can be traded for others that can be very helpful to you, and not a big deal for the seller. We've seen years of these, and we guide both parties to get what they want.

The Close

Big table. Lots of papers. Lots of signatures. We'll co-ordinate the whole matter, and see to it that there are refreshments there too! Hey, it doesn't have to be as bad as it sounds. And afterward, you'll have your dream in the palm of your hand.

Taking Possession

There's a right way to take possession, and about a hundred wrong ways! We'll provide info for you for that big day. We'll help you plan should you need to make significant changes on day one.

Transitions

Not every transition to new ownership needs to be abrupt. It is not uncommon for a retiring optometrist to stay on in a part time capacity for some time after ownership change. This can help allay the fears of the existing clientele, and help to retain them until they become accustomed to the new owner. Terms of the transition are usually agreed upon prior to the closing.

Patients

One of the main reasons for buying an established practice is for the patient list. It is important that the existing patients feel there is continuity between the old and new ownership. A letter to the patients introducing the new owner is often an effective way of helping continuity. Press releases in local papers, joining the local chamber of commerce, sponsoring local events, are also effective tactics. Having the retiring optometrist stay on staff for a year can be one of the most effective ways of maintaining continuity.

Making It Distinctly Yours

In most cases, it is advised that you don't make drastic changes to a newly purchased optometric practice right away. Give the clientele time to get accustomed to the new owner before changing staff, frame inventory. decor refresh can be abrupt as long as there are familiar staff retained.

Growth

 All practices should be growing. New owners have this utmost on their mind. Growth will help to pay off the financial obligations more quickly. A good marketing plan is essential to growth. Be sure to measure your results of any marketing campaign, and change the marketing mix to maximize your results.

Get Notified Of New Practice Listings In Your Area

Would you like to be notified by email when a new listing becomes available in your area?

Then sign up on our email list

We'll let you know about listings in the counties you are interested in.

web od logo smWeb OD
55 Jericho Tpke.
Suite 204

Jericho, NY 11753
(516) 433-4224

© 2015 Web OD. All Rights Reserved.

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