Advantages and Benefits of Purchasing an Optometry Practice

The majority of Optometry graduates opt for employment and those who prefer owning their practice and working in their own private practice either cold start the business or buy an existing one. If done properly, purchasing an existing practice is more rewarding than starting cold or getting employed. The advantages of purchasing an existing business exceed the disadvantages in terms of greater income, the possibility of equity ownership, more freedom to program and program your life, greater opportunities for choosing what to practice, and better retirement options. Purchasing an existing practice makes you a CEO from day one, which means that you will benefit from many things and will have to be responsible for other things.

Some of the advantages and benefits of purchasing an existing practice include:

One of the most important benefits is being able to employ financial statements and information to project cash flow and be able to make informed decisions to invest in new projects, equipment, and products.

Accepting patients from day one, and being able to fill your desired schedule so that you can plan what to do in your remaining free time. If your purchase included transferring existing staff, operating the day-to-day workflows smoothly without interruption.   

A known brand and Brand equity; purchasing a well-known and operating practice includes purchasing brand equity that has developed over the years of operation and services in providing eye care to a local community. Brand equity includes yellow pages listing, local business listing, and social media presence.

An existing patient base; even though the practice may lose few patients but the remaining patient base consists of the majority who is sufficient to sustain and grow your practice. Your practice will serve existing patients and will be convenient to patients who newly relocated to your area as it is accustomed to taking part and involving in social activities in the community to attract and meet new patients.

Resilience to disruptive events and situations: a well-established practice is less affected and damaged by potential crises like the event of the Pandemic or other disasters. Its organizational strength lies in its resilience to face and overcome obstacles and unexpected risks.