Preparing and searching to Acquire an Optometry Practice

In a previous post, we emphasized that the road to entrepreneurship is hard and a very small percentage of working people embark on such a journey. We also emphasized that Optometrists who decide on becoming entrepreneurs and own their own practice have two ways either start from scratch or acquire an existing practice. Entrepreneurship through acquisition has the advantage of becoming a CEO from day one which enables you the process of hiring and firing as well as scheduling recurring patients. We also pointed to the possibility of applying new marketing strategies that increase the business value. There are many other benefits, and if you are still reading this means that you have made your decision into entrepreneurship and you are ready for the next step.

The next step is searching and finding an Optometry practice for sale. This step takes on average two years before you get to that first day when you become the CEO of the practice. Therefore, you must prepare and budget the cost of your search in advance. Searching for practice is one interesting and challenging step in your entrepreneurial experience. It gives you the opportunity to learn about different practices and how they operate and meet different entrepreneurs who are exiting and gain lifelong experience from the stories they tell you. I still remember the stories Optometrists told me when I was looking to open my practice twenty years ago. Their stories too were more than twenty years older: those are the precious moments when the old generation meets the new generation.

The cost for searching includes money spent on visits, travels, middle agents, as well as the time you spend. Your search should allow you to identify important features of the practice you are looking to acquire. Some of those features will depend on your personal skills, desires, inclinations, and experiences. For example, you may want a premium location, desire a facility with a specific surface area, and a neighborhood where everyone knows you. Other features relate to the viability of the practice itself and risk management. For example, you should select a practice with normal operations, recurring customers, and a growing patient base. Remember, the potential for growth not only increases your profitability but increases the value of your practice as you might one day consider exiting yourself and selling at a higher price.