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    5 tips to prepare for selling your practice

    Start formulating an exit strategy years before you plan to sell

     

    2. Know your timeline.

    Many practice sales take several months—and even up to a year—to complete. It takes a considerable amount of time to compile all of the information to prepare the listing for an optometry practice. Depending on your location, it can take several months for buyers to make an offer for a practice. Rural practices typically take longer to sell than urban practices. Smaller grossing practices (<$500,000 annual sales) take longer to sell than larger practices.

    Related: Avoid legal trouble in your practice

    It is important to start your exit strategy well in advance to have ample time to do all that is necessary to increase the likelihood of selling your practice and realizing your goals. Ideally, a practice owner starts preparing her practice to be sold two to three years before she wants to close on the sale of her practice. A practice owner could hire a consultant to help her increase sales and improve systems to make the practice more marketable and valuable.

    3. The last three years are all that matter.

    Dirk Massie, OD
    Dr. Dirk Massie has two practice locations in the St. Louis metro area. He is the primary consultant at Premier Doctor Consultants.

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