We are thinking about selling the practice and move out of state. (moving to be near family so we can help them) We are located in a small town close to the city but not in the city. (We are located in PA near the Philadelphia airport. ) We work 4 days a week to enjoy an easy life. Anyone have experience with this? Do you suggest a big broker? Local Broker who sells all businesses? Ad in the paper? Ad in the school website?
We figure our business price is 175k and we own the building 200k.
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Last edited by EyeSitePA; 10-13-2015 at 02:29 PM.
Good luck. you might as well cut the asking price in half now, rather than two years from now.
I have experience at this, but only on the buying side. Himmeroo speaks the truth.
Ophthalmic Optician, Society to Advance Opticianry
Having watched this nightmare from both sides, I would recommend you to seek out a broker who specializes in this business. They will help you get a fair assessment of the value of your business, protecting both you and the buyer. Yes, you will pay some money towards fees, but it will help you sell get it sold faster and easier.
"Some believe in destiny, and some believe in fate. But I believe that happiness is something we create."-Something More by Sugarland
Having bought and sold practices with no broker involved, it is a pretty complex thing and you at least need a lawyer to guide you through the process so neither buyer nor seller nor both get burned.
BTW both my purchase and one of my sales included seller taking some paper back. While my experiences went ok, my current lawyer strongly advises take no paper (maybe on real estate only part). He's seen really bad things happen when buyer's remorse sets in.
Lawyers won't help if either party has unrealistic expectations. It is easy enough to say, better offers will come. Question is will they? How soon???
Richard Sterling,O.D. is a practice broker here in SE Pennsylvania. Perhaps he can help. (Google his name) Good idea to go through a broker.
NO Paper...NEVER!Originally Posted by Dr. Bill Stacy
Ophthalmic Optician, Society to Advance Opticianry
Not even on the real estate? I still kind of disagree with my own lawyer on this. If you do not mind accepting the possibility of having to repo a business or a building that is in ruins and having to rebuild it, then ok, but only if you got enough cash out to allow the rebuild. And if you have the wherewithal to do it...
Naw, you and my attorney are right. No paper. Let the SBA or some bank do the dirty work. You'll probably sleep better when you can walk away clean.
No, not even on the real estate. At the end of the day, you have to look at why you are selling. If you want to hold the paper, you might as well rent the building, and be a landlord. If you want to be done with it, sell if for a bit less if you have to, take the cash and move on.
Ophthalmic Optician, Society to Advance Opticianry
If you need a broker I'd recommend Scott Daniels at PracticeConcepts.com
He can help you list nationally or just come in an get you a certified valuation so interested parties don't think you're just pulling an asking price out of nowhere.
I have used his services to evaluate a practice and also purchased a practice he was listing for a retiring couple.
Thanks for all the feedback. We have listed on http://apps.salus.edu/placement/ for now.
If it's the listing I'm thinking of, you may want to be sure that "$12k" income to the doctor is really what you wanted to say. If he's in the $60 range, that's only about 4 exams a week. Did you mean $120k? That would make more sense...
Ophthalmic Optician, Society to Advance Opticianry
This is us: http://apps.salus.edu/placement/detail.asp?id=5071
My mistake! Looks good. Good luck!
Ophthalmic Optician, Society to Advance Opticianry
Thanks ! We have been appraised by Scott Daniels 175k and building at 200k !
Anyone want a second location? :)
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