The tangible benefit of years of kissing bu!! that the seller has done in order to create a cash flow that can support a purchase price for your clinic that is greater than the physical assets. Goodwill. A very real thing that most owners disregard as nothing. The lights are on and the phone is ringing. Location is great, the lease is fair, and employees are trained. Why do you think companies buy established businesses for a premium? Like Essilor, Google, Sun Life etc....
I have personally have opened 4 optical offices from scratch. If I was to do it again I would buy an existing business. I would do the research and due diligence and say no if it didn't fit my lifestyle, budget or gut feeling.
Today, optical offices are selling cheap. It's because owners do not retain a business broker that focuses on our industry. The dentist and veterinarian office regularly use business brokers to market and sell their practices. Goodness. Putting an ad in a trade magazine is a race to the bottom. And then you have to deal with all the tire kickers and dead ends. A broker will do an appraisal that can be used to market and highlight the practices strengthens and weaknesses. The brokerage will also screen prospective buyers for you. The appraisal can also secure financing from banks at 100% to qualified Optometrists provided the appraisal is done by a brokerage that is on the approved list of business brokers. TD bank has just become the first bank to provide 100% financing for O.D. office/optician with attending optometrist purchases by an Optometrist and also 100% of the real estate! This is finally the same bank financing that dentists have enjoyed for years.
I sold my previous offices to employees. A great way to go. I should have had an appraisal 1st. I sold cheap not knowing really what the businesses were worth. When I am ready to sell .......I will let a professional deal with it.
A bunch of us are nearing retirement. Why can't we retire profitably and with dignity like dentists and veterinarians?
A great website is ROI corp. You can see dental, veterinary and optometrist offices for sale with gross sales, appraised values, asking price and cash flow.
Why do we retain a realtor to sell your house but think you can appraise, market and sell your own business?
When I am ready..........I will let a professional Optometrist business broker bring me the offers. Just like a Realtor does.
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