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    5 tips to prepare for selling your practice

    Start formulating an exit strategy years before you plan to sell

     


     

    5. Decide if you should hire a practice broker to assist you with the sale

    Do you have enough spare time to handle the sale process on your own? If you’re still seeing patients in your practice, it can be very challenging to return phone calls and e-mails to prospective buyers, CPAs, bankers, etc., if you’re handling the sale transaction on your own.

    Practice brokers can be a huge help with selling your practice. Some of their services include:

    • Generating a detailed prospectus of your practice

    • Assist with determining asking price

    • Screen potential buyers

    • Assist buyer with obtaining financing

    • Work with the attorney to draft legal documents

    • Confidentially market the practice so that patients and staff find out after closing

    Related: Lower your financial risk

    Most optometrists do not want their staffs or patient bases to know that they are selling their practices. Utilizing a practice broker is the best way to keep the sale of your practice confidential because the broker will handle incoming phone calls and e-mails from potential buyers. Using a practice broker results in much less stress for the selling optometrist, typically leads to a better sale price, and during the entire process (which can take nine to 12 months) freeing you up to continue seeing patients. Practice brokers can charge as little as five percent of the sale price if the owner has already found a buyer or up to 10 percent of the sale price for full broker services.

    Next: Start planning now

    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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    Optometry Times A/V