Optometry Practices for Sale
Optometry Practice FAQs
How long must patient records be kept?
When relocating or terminating a practice, contact the Florida Optometric Association for the most up-to-date requirements.
How do I find a practice for sale?
In the competitive world of acquisitions, it makes sense to use the services of a medical practice broker. Many times, brokers are aware of practices for sale that are never advertised on the open market.
What is due diligence?
Due diligence is the detailed and systematic process in which the buyer reviews records and determines whether or not to proceed with the closing. Generally, once the purchase agreement has been signed by both the buyer and the seller and the escrow deposit has been received by the closing attorney, due diligence begins.
Where do I find financing for the sale?
It is important to use a lender with experience in financing optometric practices. Many of these specialized lenders offer the opportunity to borrow working capital and even remodeling costs if you are purchasing real estate. In addition, many of them offer financing with little to no money down. Speak with your practice broker to get in touch with the leading lenders in the industry.
What expenses should I expect?
In addition to paying a portion of the closing attorney's fees, the Buyer may also incur costs for corporate registration, fictitious name registration, recording of any notes/liens and initial operating costs.
What are the options for assuming the lease?
When purchasing an optometry practice, a buyer is usually presented with one or two options – purchase the real estate or lease the space. If leasing is an option, it is likely that the seller is already under a lease. While assuming a lease may be an option from the landlord, consider asking the landlord to provide a new lease under similar price and terms as the existing lease. This will provide a number of benefits. 1) The buyer may be able to extend the lease, thereby securing the location for a longer period of time. 2) The seller may be released from the lease due to the ipso facto situation. By the existence of the new lease, the old lease becomes null and void. 3) The landlord benefits from a longer occupancy time.