Looking to take over a family practice...in need of guidance

[ericagoldi]

For the past 12 years I have worked along side my father. as his optician. We run a very busy, successful practice. Because of personal reasons he needs is looking to sell the practice. I have loved working along side him and feel as though that practice has become an extension of myself. I see most patients as family and my dream is to take the practice over.
I am in need of advice on how to begin this possible endeavor.
Any advice would be greatly appreciated.

[optical24/7]

Buy him out.

[cocoisland58]

In 12 years the subject of you eventually taking over has not come up? Surely he realizes that if he sells the business you will be unemployed. Find out what he wants and negotiate a deal.

[Diopterman]

Sit down with a GOOD lawyer.
Sit down with a GOOD accountant.
Sit down with a GOOD shrink.

This will allow you the opportunity to see if you really want to do this, if you really can afford to do this, and if it makes sense!

[Judy Canty]

Who's going to be YOUR doc and how do the NY Optometric regs deal with an Optician employing an OD?

[sharpstick777]

Sit down with a GOOD lawyer.
Sit down with a GOOD accountant.
Sit down with a GOOD shrink.

This will allow you the opportunity to see if you really want to do this, if you really can afford to do this, and if it makes sense!

Love it, so true.

[sharpstick777]

You have to ask yourself some serious questions about running a business and making the tough decisions owners have to make. Owning means you often don't go home at 5pm, or 6, or even 7pm. It also means you may have to fire people and make tough decisions in occaisionally dismissing patients from your practice. If you can do those things, then by all means move forward. In today's insurance world you may do well by selling half the practice to an OD. I have 3 offices where the OD and Optician each own half of the business and they are all thriving. Good luck!