Buying an Optometry Practice
Buying a practice involves many complexities from both an emotional and financial perspective. We’ll help you review both aspects of the purchase.
Are you considering purchasing an existing practice? Joining another optometric business? Congratulations! There is no more exciting time in your career than now! As your personal CFO, we’ll walk you through the process to ensure that your best interests are always at the forefront of negotiations and that you completely understand what you are signing up for.
We love lawyers and can make some great recommendations, if you need. Unfortunately, the vast majority of lawyers don’t do a thorough job of educating you on the pieces and parts of the business buying process – they focus on the legal contract. We, however, are ruthless (in a good way). Not only will we ensure you understand all the contracts you are signing, we will ensure that the lawyers have covered off all critical areas to protect you as you embark on this new chapter of your career.
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Factors to Consider When Buying an Optometry Practice
Business transitions involve many complexities from both an emotional and financial perspective. We’ll help you review both the financial side of the transaction and the emotional side. We review questions such as:
- Does the transaction make sense for your personal cash flow?
- How do the practice financials support your purchase payments?
- Do you fully understand the impact this decision will have on your family’s lifestyle?
- What are reasonable expectations of yourself and other involved parties?
If you will have a partner, you are essentially creating a ‘business marriage’, and that comes with complications that are best worked out early. Creating a unanimous shareholders’ agreement or joint venture agreement should involve a thorough review of how all owners expect situations to be handled. We also believe that this document is so critical, that it should be signed concurrently with your buy/sell agreement. And neither should exist without the other.
Buying an Optometry Practice Doesn’t Need to Be Challenging
Taking over complete ownership has its own challenges. Having purchased an existing practice, our founder, Roxanne Arnal, knows too well the challenges that lie ahead of you and is here to help guide you through those critical first few months of power change.
Let’s not forget that there is a significant financial impact to your decision. We’ll ensure you understand the financial implications of your purchase, and how this will ultimately affect your take home dollars, especially through the loan repayment phase. We’ll also ensure that all areas of risk management for your new venture are considered.
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Buying an optometry practice is one of the biggest decisions you will make in your career, and in your life. Asking for help and knowing who to turn to is one of the smartest decisions you can make. It’s not just about financial planning—it’s about your life.
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Contact us to discuss how we can help you buy an optometry practice and position yourself for long-term success.