How do I sell my Optical Practice?
How and when to sell your optical practice is one of the biggest decisions you will ever make and, with the Optical industry undergoing a period of consolidation, most independent practice owners will be approached by a potential buyer at some point. In our comprehensive guide, Dom Watson of Myers La Roche profiles the types of buyer you may meet and strategies to help you exit your business on your own terms
Date: 2024
Written by: Dom Watson
In this Q&A, inspired by our in-depth Optical Practice Sales Guide 2024, we look at the process of selling your Opticians Practice and identify some of the pitfalls to avoid. Optometrists and Opticians will be interested in how to ensure they get the maximum value for their life’s work and do not undersell their business.
Who is buying Optical Practices?
Whether you actively put your business on the market or are tempted by a direct approach, there are several types of buyers out there. Our Optical Practice Market Guide 2024 goes into detail on seven distinct types of buyers: for example, the Learners who are keen but inexperienced and prone to drawn-out purchases with a high rate of deal collapse; and the Charmers who use their charisma and experience to persuade you to engage in exclusive talks offering deals that only favour them.
How do I get the best value for my Optical Business?
Avoid information asymmetry in favour of the buyer. The key here is preparation. If you have been approached, even if you have been persuaded to agree a price already, you should pause and take advice. Any genuinely ethical buyer will understand your need to feel fully informed and happy with the terms for your sale and exit. Our Deal Checker service is ideal and can give you the confidence to proceed with a sale if it represents fair value – or, where the deal on the table is suboptimal - to renegotiate the price or key commercial terms – or introduce alternative buyers if the current prospect is not prepared to offer you full value.
If you are ready to put your practice on the market imminently then we offer a fully managed practice sales service that puts our friendly and experienced team at your disposal. They will guide you and any potential buyers through the process to give the best chance of a mutually beneficial outcome by harnessing the power of competitive bidding.
How do I ensure confidentiality when selling my Opticians practice?
This is one of the key areas to be addressed in any business sale and worries about confidentiality may tempt practice owners to accept the first approach without ever marketing their business. At Myers La Roche, we are adept at crafting confidential competitive bidding situations and all interested parties are bound by our non-disclosure agreements before the details can be shared.
How do I grow and improve my Optical Practice to ensure I get the best value when I am ready to sell?
If your sale is still on the horizon, our Practice Health Check or our Exit 360 Pathfinder consultancy services may be of interest. We can identify your strengths and weaknesses and help you make a realistic plan for the future of your business.
How can I learn more?
Our Optical Practice Market Guide 2024 goes into much more depth, covering the psychology of buying and selling, the buyer-types you might meet, and the state of the market. You can request your own copy by contacting our team on 0161 929 8389 or info@myerslaroche.co.uk
More insights for you
Take a read below for further industry insights written by our Myers La Roche team:
Optometry Practice Valuation
An optical business valuation is the process of determining the fair market value of your practice and there are many reasons why a valuation may be necessary. As a meticulous analysis of the various factors that contribute to your practice's overall worth, an optical practice valuation is best conducted by specialists rather than a general accountant.
Keeping Your Optical Business in Focus: Why Regular Valuations Are Essential
You know the importance of regular eye examinations for your patients, but have you considered a recall regime for your own business? You already know how a Myers La Roche business valuation can bring clarity to your operation - keeping that valuation up to date is highly beneficial for the long-term health of your optical practice.
Case Study: The benefits of exit planning to achieve an optimised sale within the optical sector
Following a structured exit plan designed via our Exit 360 PathfinderTM service we have recently completed on the sale of an optical practice in West Yorkshire.
Optical Practice Valuation Guide: Expert Tips and Insights
Having provided specialist optical practice valuations for over two decades, the following guide is designed to provide answers to the questions the Myers La Roche team are most frequently asked.
The 5 megatrends set to shape the future of the independent optics and how to harness them in your practice
Megatrends are forces that are reshaping the optical business landscape and the future prospects of independent practice owners in significant ways.
Megatrend One: Significant Inflation in practice values
The transfer value of strong, profitable practices is set to rocket over the long-term.
Megatrend Two: "Islandification" and Trading Location Evolution
Trading conditions and commercial terms for leases on high streets will continue to evolve, bringing both threats and opportunities to optical businesses.
Megatrend Three: Increasingly differentiated operating models in the independent sector
Privatisation & Shared Care will continue to shake up the standard operating model for independents.
Megatrend Four: Improving ease of ownership and operational experience
It will become easier and a more enjoyable experience to run your practice.
Megatrend Five: Suppliers are Not Necessarily The Best Advisors When Selling Your Business
This megatrend trend could adversely affect your personal wealth unless you get informed on the facts and take appropriate action.
International Womens Day 2024
This International Women’s Day we want to encourage more female Optometrists and Opticians to take the first step towards owning their own practice
Optical Insights Salary Survey 2024
Recruitment and Retention of high-quality staff is the single biggest issue facing the optical industry in the UK and Ireland today. Our Salary Survey is a chance for your voice to be heard on this key issue
Thinking of Starting a Practice From Scratch
Starting your own business is one of the most rewarding and challenging things you can do, particularly in independent optics where you are likely to be the clinician as well as the business owner.
Giving something back whilst staying hydrated
Our unique relationship with AquAid has also given our company the opportunity to help those less fortunate than ourselves because with each purchase an automatic donation is made to the Africa Trust.
What's The Value of Your Commute?
Here at Myers La Roche, we talk daily about value. Not surprising, given that we value over 100 independent optical businesses every year.
How To Value a Specsavers Franchise
Specsavers optical franchises are valued via a yield-based valuation methodology.
How To Value a Boots Optical Practice
Boots Opticians franchises are primarily valued via a yield-based valuation methodology. Myers La Roche have significant experience in valuing all kinds of Optical Practices
How to Value a Vision Express Franchise Practice
Vision Express franchises are primarily valued via a yield-based/EBITDA valuation methodology.
Choose the right insurance policy for your optical practice
Choosing the cheapest insurance policy can potentially be both short-sighted and expensive
The Perils of Short Cuts, and Trying to Take the Easy Route
Indecision and procrastination on the timing for a business sale and retirement are common
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