Skip to main content
buisness-work3
Home »

Uncategorized

The Importance of Networking When Buying or Selling an Optometry Practice

father and son shaking hands

Having decided to sell or buy an optometry practice is a huge and life-changing decision. The acquisition of finances to secure optometry licenses, deciding on the type of patient to focus on, and selecting where to practice are all part of the process.

Networking is essential for all steps in the buying and selling process. Connections built between the eye care providers and other health providers such as the endocrinologists, neurologists, and other ophthalmologists will help an optometry practice grow.

Why should you build connections in the community where you practice optometry? Here is a list of what you stand to gain from building a network when buying or selling an optometry practice:

Recognize Best Practices

Networking is a veritable way to identify optometry practices that you might want to buy. Through networking, you will learn from others concerning a particular practice. Be friendly and inquisitive with your contacts so that you will learn necessary information regarding the business and always have an ear open for who is looking to buy or sell.

Create Opportunities

You can use the contacts that you have garnered through networking to create opportunities to buy or sell an optometry practice. As you generate leads, be professional and timely when following up with your leads.

Create Awareness

When selling, networking gives you a platform to express the values and objectives of your optometry practice. Meeting people and being able to showcase yourself enables you to widen your net of potential buyers. This way, buyers will be able to identify you and make an offer.

Ensure that you attend social events and make people know how knowledgeable, supportive and reliable that you are. You can also join societal organizations such as charitable organizations.

Get Advice

You will make better choices in buying and selling an optometry practice when you have like minded people to interact with. Through networking, you are guaranteed of meeting someone who is an expert in the industry. Their advice on something that you have little or no experience, will aid a lot. You will be able to learn from others and expand your knowledge about your practice.

Build Connections

Meet diverse people from different professions by networking. Through networking, you will be able to hone and master conversational skills that will enable you to foster business relationships. With this, you can increase your chances of buying or selling an optometry practice.

Positive Influence

As an optometrist, the people that you surround yourself with can be vital in building your practice. When you surround yourself with positive and upbeat people that share a kindred spirit, your business is going to thrive. If you do not possess the attributes to run your profession, you can associate yourself with those that have them.

Networking is an important aspect of businesses for professionals that want to build business relationships and increase their influence. Networking when used efficiently gives you a leg up to make a better choice when selling or buying an optometry practice.

Are you looking to sell or buy an optometry practice? Contact us today at Optometric Transactions Consultants. Our services are affordable, well-detailed, and transparent. Our expert consultants will be available to speak with you and discuss your options. We will provide suitable answers to your questions and concerns. We serve clients in Algonquin, IL, and nearby cities. We guarantee you excellent services.

The Stress-Free Way to Sell Or Buy An Optometrist Practice

pexels photo 877695

There are different reasons an optometrist will decide to sell a practice. For Dr. Morris Sheffer, the day-to-day management headaches regarding payroll, inventory and vendor management were becoming too much even though he enjoyed full-time optometry and wanted to continue seeing patients as much as he does and retain his staff.

In his featured article in Review of Optometric Business, the Doctor wrote: “The reasons I was unable to sell to those doctors ranged from lack of interest in sole ownership, or they were too new in practice to obtain sufficient financing. At that point, I knew that my initial transition strategy would need to alter to include selling to a larger entity capable of acquiring the entire practice.”

While the Doctor was able to find a more prominent organization that was able to buy his practice and fulfill his goals, the problem he highlighted remained.

How Has OTC Provided A Solution To This?

There are several uncertainties surrounding buying and selling of optometric practices, and OTC has been at the forefront of solving it. We’ve always believed that with the right system in place, young doctors will be willing to buy practices and old practitioners will also benefit immensely by selling the right way.

Already, we have succeeded in creating a model that addresses the challenges encountered by the doctor who tried to sell his practice in 2013. At the moment, we have already facilitated the purchase of some optometric practices in manners that leave both the buyers and sellers delighted.

We Eliminate Unnecessary Processes And Challenges

At Optometric Transaction Consultants (OTC), we eliminate most of the unnecessary processes that pose a challenge to successful transitioning of optometric practices. Our methods make it possible for new graduates and young practitioners to buy practices by facilitating 100% financing.

We also make the entire process seamless by bringing all the activities involved in buying and selling under one roof. We have a world-class legal team that has been in business for decades and they have already facilitated numerous purchases. Buyers and sellers can be assured that the entire process is done professionally and ethically.

We Offer Professional Guidance, Advice, and Coaching

The major objective of OTC is to ensure that owning a practice is made so easy for those that are interested in buying, and transitioning is made equally simple for those that desire to sell. For buyers, we do not stop at financing and total brokerage, we also offer success coaching for the improvement of the acquired business. For sellers, we will provide fair evaluation, bring more buyers, and simplify the entire process of transitioning.

We are Entirely Devoted to the Optometrist’s Practice

Unlike most brokers you may find while trying to sell or buy an optometric practice, OTC is entirely devoted to the optometric practice and has been a part of the sector for over 50 years, garnering experience in owning, operating, buying and selling of optometric practices.

These years of relevant experience and the efforts of our team of well-to-do professionals will ensure that you have the best experience throughout the process. We will also provide management consulting that will improve the sale value of the practice for sellers as well as management consulting for buyers of the practice to increase revenue and profitability.

OTC has been in operation for years. We have already completed so many deals due to our improved system and hope to help you sell or buy a practice with minimal effort.

Contact Us Today!

For more information about how to sell or buy an optometric practice, contact us today at Optometric Transaction Consultants. Our knowledgeable experts will be available to speak with you and provide adequate answers to your questions and concerns. An amazing experience awaits you!

Five Tips on Buying an Optometry Practice

doctor showing glassesEye care specialists are acquiring optometry practice at an increasing rate. If you are running a large or complex eye care system, you should see securing an optometry practice as one of the arrows in your quiver to stay in business.

In this article, we are going to discuss the five steps that you should take to purchase an optometry practice that will suit your business.

1. Existing or New Optometry Practice

In purchasing an optometry practice, you can consider buying an existing practice for your present business. You can also decide to set up a new practice right from scratch.

2. Set Your Priorities

Prior to buying the optometry practice, you should determine what objective that you would accomplish with it. You should have on your checklist questions as if you are targeting a particular demography, or if you are considering a partnership with another eye care specialist. An answer to any of these will help you determine the appropriate optometry practice to purchase.

3. Determine the Volatility

You should be meticulous in the optometry practice purchase by making a thorough examination of the assets and liabilities that come with it. Determine the structure of the practice and if there are any fringe benefits and compensation associated with it.

4. Solicit the Advice of a Financial Adviser

It is vital that you seek the opinion of a financial advisor who knows the intricate details of the business. The financial advisor or optometric consulting expert can help you purchase the appropriate optometry practice and avoid your money going down the drain.

5. Determine the Price

The cost to acquire an established practice often vary widely. However, it is wise to buy the practice that will suit the structure and income of your organization. Before you go on with the purchase, ensure that you take the price into consideration.

In the eye care sphere there are varying optometry practices and whether you are just concluding optometry training or you are about to join the fellowship you should consider buying a optometry practice that will conform well with your personal aims and business.

Are you considering buying or selling an optometry practice? Get in touch with Optometric Transactions Consultants, today. One of our experts will be available to speak with you and provide suitable answers to your questions and concerns. Call 847-282-1209.

There has got to be a better way!

Light Bulb In Thought Bubble 1280x480

Every now and again we reevaluate the way we do things and see that the current way is not as effective as it should be. For the team at Optometric Transaction Consultants, this was the impetus for building their innovative optometry brokerage.

Dr. Atkinson, one of the founders of Optometric Transaction Consultants explained, “ In the past, an Optometrist that is looking to sell his practice would need to meet with multiple parties to organize the sale of a practice. They would go to a broker, a financial company for a valuation, a consultant to help improve their valuation, lawyers to negotiate the contract, and then the bank to discuss the buyers financing. On the flip side, the buyer as well would need to go to multiple different people to get by a practice. Our method centralizes all aspects of buying and selling an optometry clinic. This makes it easier and quicker to make the transaction possible.”

Another benefit of the OTC method of buying and selling a practice is their relationships with banks that allow 100% financing for the buyer. This is great news for both buyers and sellers as it not only gives the opportunity to recent optometry school graduates looking to buy a practice, it also creates a bigger market for the seller.

To learn more about the OTC way, give us a call at (847) 282-1209

Why The Location of Your Optometry Practice is Important

optometric transaction consultants | Algonquin, ILReal estate agents often preach the virtues of location, location, location. All for a good reason of course. Selecting a poor site can doom any practice before it even opens its doors. Regardless of whether you are an optometrist, chiropractor, dentist or doctor, you must efficiently choose a suitable location. It plays a critical role in enabling you to achieve professional and personal satisfaction and success.

Most optometrists brush off thorough demographic analysis but a good analysis can be to your advantage. You can determine if the population is growing or declining. It is easier to break into newer communities than mature communities because you will have to take away patients from already established eye doctors in that area. Information on the income, education levels; age distribution; race, ethnicity, blue collar vs. white collar can help determine which audience is best. You will naturally want to do a thorough demographic analysis. Explore at least three places.

Saturation and competition are essential. You need to consider if there is sustainable income if you locate in a certain community. Check on the population-to-professional ratio for the areas you are interested in establishing, the lower the number of professionals, the lower the competition. In the case where all the doctors in an area are all good, you may need to find what sets you apart from the rest. What did the others overlook? Also, ensure that the community you intend to practice it can support a full-time doctor before investing your time and money only to realize that you cannot make a living in that community.

Travel the world | Algonquin, ILA good location should be able to give you good visibility, such as from the road. Take time to study the major thoroughfares for business commuters and the popular businesses such as supermarkets and banks within a five-mile radius of your area. The more popular businesses there are, the more potential clients will be attracted to you. The more upscale the business, the more upscale the clients. Also, check on the most convenient side of the street for your client. If most patients make appointments after work and rush hour traffic is heavier going east, that is the best side to choose.

Signage is crucial to a consumer direct practice. When you have narrowed down your optometry location to at least one or two, make sure to look up the local regulations on outside office signs. Check whether there are restrictions enforced by the landlord, if potential patients can see you from the street and if there are already too many cluttering signs on the road that yours won’t stand out. The more your sign stands out, the more patients you can attract.

Many optometrists believe that an excellent location is one that brings in the profits. This part is correct but then let us put profitability in full perspective. If you choose an area you do not like just because you can capitalize on the business opportunity the community offers, you are just creating unnecessary stress and unhappiness for yourself. To be a complete success, you need to get involved with your community through volunteer organizations, clubs, and local schools. Your patients will want to see you in action, showing your sense of commitment and dedication to the community as well. If you love your community, this will be effortless. A happy optometrist delivers better results.

Last but not least keep in mind the prospects of the practice. Ensure that the place of choice allows for growth and additional equipment. Your practice will also affect your family, and it is important to consider the convenience of the location to your child’s school and home.

The Benefits of Owning Your Own Business

woman holding a mug

The number one reason for owning your own business? You want to be your own boss, not an employee.

You have the in-demand skills. You want to call the shots. You want to do things your way, without no one to answer to except your own heart and of course, your customers is another benefit.

Performing your service the best way possible and improving it over time. Innovating and being respected for it, without the corporate naysayers holding you back.

You and only you get to apply your own personal touch and sense of integrity to the quality of the service that you offer.

The independence and flexibility that comes from owning your own business is another benefit. You can choose the customers you want to serve. You can choose the hours you want to work. You can choose the type of people you want to work. You can choose the types of products, equipment, and systems you want.

Yes, there are a lot of decisions you will have to make but YOU are the one making them and that is what counts.

Yes, there are pros and cons to starting and building any business but remember the reason why you are doing this, you are free to make the rules YOU think are appropriate for others to follow.

You are free to move your business forward at your own pace and at the end of the day, the satisfaction, freedom, and flexibility you have from being your own boss out weight the challenges of owning the right business.

When you buy a practice you are buying the online presence as well

hero odsite

As a new practice owner, one of the ways that you can quickly make your new practice profitable is through the existing practice website. While many practices today invest in online marketing, the chances are that this is an area where you, as a young and eager doctor, have the ability to improve the existing online presence. If you are purchasing a practice with a poor or non-existent online presence, see this as an opportunity to improve the practice’s revenue with relative ease.

While many new practice owners consider doing the online marketing themselves, you may want to consider investing in a professional marketing service to work with you and help you use the internet as a way to generate a patient base.

There are a few important things to consider when taking over an existing website:

Never change the domain name, unless it is the previous doctor’s name.

The domain name is the website address, such as www.eyedoctorchicago.com. The reason why you should never change the domain name is because that is where all the goodwill is stored. Starting a new website or redesigning the old one is fine, so long as you have the same address as was used before. If you must change the name, for example, if the website is www.doctorsname.com, keep in mind that this will put you at a significant disadvantage online as Google will take time to build up trust in your website.

Online presence is more than just the website.

The website is just one component of your new practices online presence. Other important elements are Google reviews, Yelp reviews, Facebook likes, and online business listings. A recent study said that 77% of patients look at online reviews before visiting a doctor, if you are buying a practice with great reviews then you are already ahead of the game. On the other hand, if the practice has a low average review rating on Google or few reviews, see this as an opportunity to grow your business by improving in this area.

See the website and online presence as an opportunity to grow the practice.

In today’s digital world more and more patients are turning to the internet to decide on where to schedule their next eye exam. By improving the online presence of your new business, you are able to build a patient base and increase revenue with a relatively small monthly investment. Being active in your online marketing is crucial to your success online. Improve your search results by writing content on often searched topics like eye emergencies and contact lens fittings, writing blog posts of patient experiences, and writing great unique content on different conditions and diseases. Use video to boost your visibility both on the website and on your practices Facebook page. And make sure your website is a giving the right message for your brand.