Our profession will be going through significant transitions in the next five years. One of the major changes is the number of optometry practices changing ownership throughout the nation. An influx of optometrists are retiring and wanting to sell their practices, but they are having a difficult time doing it.
So why do some practices sell within six months, and others stay on the market for years?
To begin with, marketing a practice for sale is directly comparable to marketing a home. Homes sell because potential buyers come and look at the home. To get a potential buyer of your practice to look requires a description that makes a reader stop and take notice. So whether your potential buyers are perusing Optometry’s Career Center or your state association’s newsletter, your description needs to stand out and communicate the facts that they want to know. Compare the following two descriptions. Which would you consider pursuing? They are for the same practice.
Description as posted by most sellers:
- Optometry practice for sale in a beautiful town in western Kentucky. The practice is up-to-date and is offered as a full buyout to an optometrist looking to practice full scope optometry. The practice net creates a great income for a new optometrist or one looking to transition out of corporate opportunity. The practice has been appraised and all practice metrics are within acceptable ranges for a practice of this size. Building is available for purchase. It is a turnkey opportunity with room to grow. Please call Doug for more information at 555-112-3344.
Description that will attract today’s buyers:
- Excellent private optometric practice available for a complete buyout in Kentucky. Practice is updated with EHR system “X” and an OCT/Optos with a website that generates 1-3 new patients a week. This is a turnkey operation for a new graduate or an OD working in corporate who wants to transition to private practice. Practice gross ranges from 450-500k and the practice net-to-gross ratio exceeds national standards (>33%). Seller will assist in transition to retain highest percentage of patients. Asking price is 60% of last 3 years average gross collected. If looking for an investment opportunity, the building is available for purchase. Interested buyers please contact Doug (owner) directly at 555-112-3344.
The ones most likely to purchase a practice are part of a generation that has grown up inundated with information. This generation routinely “tweets” messages that are short but give a wealth of information. It makes sense that when they are looking for a practice to purchase, they will naturally be drawn to descriptions that are short but full of meaningful details.
If your natural inclination is to write an ad more like the first example, it may be worth your time and money to hire someone to craft a description that is closer to the second one. The cost is minimal compared to the cost of not selling your practice.
