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.

Date: 2024
Written by: Myers La Roche

Seeing Clearly for Success 

Think of your patients' routine eye examination: during these visits, you meticulously assess their vision, identify changes, and adjust prescriptions accordingly, and act as an early detection tool for their overall health. Without these regular checkups, your patients might not have the best vision possible and could unknowingly develop long-term problems. Similarly, a regular business valuation acts as a check-up and early warning system for your practice.

 

Benefits of Regular Revaluations: 

Track Growth Trajectory: A regular revaluation paints a clear picture of your practice's growth trajectory. You can see how your revenue, profitability, and business model have evolved, allowing you to celebrate achievements and identify the next areas for improvement.


Informed Decision-Making: An up-to-date valuation empowers you to make strategic business decisions with confidence. Whether you are considering expansion, seeking investment, planning for succession, or preparing for retirement, a current valuation serves as a critical data point. 


Financing and Negotiations: If you require financing for equipment upgrades, renovations, or expansion, a recent valuation strengthens your loan application by demonstrating the value proposition of your business. Similarly, if considering Partnerships or Joint Ventures, a valuation ensures you negotiate from a position of knowledge and confidence. 


Benchmarking Against Peers: Regular valuations enable you to benchmark your practice against industry standards and competitors. This allows you to identify areas for improvement and capitalise on potential competitive advantages. 


Succession Planning and Exit Strategies: As you near retirement or consider selling your practice, a recent valuation helps ensure you receive fair market value. It can also provide a baseline for negotiations and succession planning conversations with potential buyers or family members. 


Beyond the Basics - Additional Advantages of Revaluations: 

Identifying Hidden Value: A professional valuation from Myers La Roche can help you take stock of your business and uncover gems within your practice which might not be readily apparent whilst you are busy in your day-to-day operations. 


Risk Management: A valuation can highlight potential risks or unforeseen circumstances that could affect your business's value. By identifying these risks early, you can develop mitigation strategies to protect your investment. 


Peace of Mind: Having a current understanding of your practice's worth provides peace of mind, knowing you have reliable data to guide future decisions. 


Cost vs. Value

The cost of a regular professional business valuation may seem like an additional expense, however, compared to the valuable insights and potential benefits gained, it is a wise investment that, if acted upon, should pay for itself many times over.


Regular valuations help you take stock on your continued business journey. As the market changes around you, ensure you stay dynamic by acting on the most up to date intelligence available.


Regular Revaluations - A Recipe for Success 

Just as regular eye exams are essential for your patients' vision and health, regular valuations can help realise the long-term success of your optical practice. 


Don't let your business be left out of focus – Call our friendly team on 0161 929 8389 today


More insights for you

Take a read below for further industry insights written by our Myers La Roche team:

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

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.

Be Your Own Boss

Take the plunge and move from the multiple to the independent sector

Choose the right insurance policy for your optical practice

Choosing the cheapest insurance policy can potentially be both short-sighted and expensive

Learning to Let Go

Why Learning to Let Go Is Essential To Achieving Your Goals

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

Get in Touch

If you are interested in our services, then please call us on the number below: