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.
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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
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Megatrends are forces that are reshaping the optical business landscape and the future prospects of independent practice owners in significant ways.
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The transfer value of strong, profitable practices is set to rocket over the long-term.
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Megatrend Four: Improving ease of ownership and operational experience
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