Identifying And Buying An Optometry Business For Sale
In this modern consumer driven world, it is no wonder that established and affluent businessmen and women are looking for brand new opportunities to double their initial investment within two years. With their fingers in many pies, building up a business empire can be fruitful and rewarding if the right opportunities come along. If you happen to be looking to invest in a new and unique business in the very near future then you may want to look at investing in an optometry practice.
There are many optometrists qualifying to practice every year and many will not have a job when they do graduate so the labor is most definitely there, and the demographic nature of the population has facilitated a great demand for various aspects of health care. The population is undoubtedly aging and many individuals have optical conditions that require regular attention, including glaucoma and cataracts, as well as health problems that can affect the eyes, such as hypertension and diabetes. As a result, it is the right time to invest! The factors to consider are outlined below.
The first factor to take into consideration is profitability to ensure that your investment is worthwhile. You will initially have to pay between $125,000 and $250,000 for an optometry practice. This is the going rate for practices in optimum locations, which will be discussed later. However, as the average salary of a newly qualified optometrist is $45,000, rising to $80,000 within five years, there is definite potential for profit. Tapping into that market is certainly inviting. However, to review an individual practice’s profitability, you should ask to see accounting records for the past five years. Take areas of loss and the potential for business improvement into account.
The location of an optometry practice is crucial when considering investment because it could make or break the practice itself. The facilities should be easy to access and should be located in a clean and tidy neighborhood unless it is placed within the center of a town or city. It should be easy to find and get to via any means of transport because that will attract business. The general environment should be extremely accessible and reflect well on the practice itself so as to inspire the confidence of consumers.
Unless you know where to find and assess an optometry practice, it would be advisable for you to employ a broker who can look for optometryfor you. Of course, there are Internet resources available for you to find an optometry business, but a broker would be able to talk you through the process step by step. They will deal with legal and accounting issues, location, patient / client lists / data and finally the steps relating to the acquisition of the optometry practice itself. In other words, a broker will take care of all of your needs in the acquisition of the business.
The business should be well-established in order to represent a sound investment, meaning that you should target businesses that are currently owned by retiring professionals, or those looking to move on. An established practice is easier to get off the ground as a result of the established patients / clients. You would simply need to ensure that there was a smooth transition between owners.
Depending on how hands on you wish to be, you may need a plethora of staff, including an administration manager, accountant, health care assistants and of course optometrists. The first two go without saying but the staffing levels of other positions largely depends on how big a client list you intend to maintain.
All optometrists should be fully qualified and there should be at least one full time optometrist with several years’ experience. Regardless of level, they should have a license to practice, although the qualification criteria for a license varies from place to place so you should ask the local authorities to confirm what that criteria is and how often it has to be renewed in order for the individual to remain practicing. When staff are in place, you can begin making a profit!