Timing is key to the best investments, yet most investors will tell you not to try to time the stock market. Waiting for the perfect moment to sell your practice might mean missing out on opportunities that could actually help you more financially in the long run. Many optometrists advanced in their careers would like to reduce their hours spent on patient care, but are unable to. Being able financially and logistically to back off from a five-day work week requires planning ahead, and sometimes planning ahead requires selling your practice.
Three reasons to sell your practice now:
- Buyer Interest – over 400 optometry practices close doors yearly without a buyer. This is a scary thought if you own a practice. When another OD approaches you about associateship to owning, take it seriously. This may be the only buyer available. Selling and then being employed is an option that guarantees a sale.
- Financial Freedom – investing the proceeds of your office sale into rental property or securities can generate income to live off of and you’ll no longer need to be at the office seeing patients. Making your money work for you can start earlier and be a part of sustaining residual income for living and retirement.
- Outdated Technology – technology turnover for companies today can be as quick as every three years. The new meaningful use requirements continually need hardware and software updates so practices are becoming dated at faster and faster rates. This means that a buyer has to invest more capital into the practice upon purchase if the seller has not kept up with technology. I have had to deal with this burden and expense personally. Most solo optometry practice owners are further behind than they realize.
Preparing to sell your practice requires planning and being alert to opportunities that present themselves. Putting your practice up for sale and assuming you will sell is not only risky for your financial future, but it also leaves patients responsible for finding future eye care, and most patients have trusted you to care for them now and in the future.
