The key to making a good investment is all about timing, despite most stockbrokers advising you to avoid trying to time the stock market. Same applies to selling your practice. It is probably a good idea to wait for the perfect time to sell your healthcare practice. If you wait too long then you could miss out on opportunities that could be financially lucrative in the long run.
If you feel like you are starting to to want to reduce your time spent on patient care while being able to logistically and financially reduce your five day work week. Then it may be time to sell your optometry practice, but this still requires a lot of planning.
We have provided you with a few reasons WHY you might want to sell your optometry practice right now.
The need to update the outdated technology: New tech is constantly sprouting up in today’s technologically advanced world. When it comes to medical practices there can be technology turnover as quick as every three years. In order for a healthcare practice to be meaningful and useful, it needs updated hardware, software, and equipment. If a practice has not kept up with technology, then this means a new buyer could end up investing more capital. Sadly many optometry practice owners, who are sole owners, tend to be further behind in tech upgrades and equipment then they are aware.
Buyer interest in optometry practices is hard to come by: Unfortunately, over 400 optometry practices close their doors yearly without a potential buyer. While this might sound worrisome, there is a bright side because there may be opportunities to sell to another optometry practice or a larger healthcare system like a local hospital. If you sell your optometry practice and then become employed by the buying optometrist, that could be a huge plus to guaranteeing a sale.
Ready for more financial freedom: Selling your healthcare practice can open yourself up to a variety of opportunities to make your money work for you. You can invest the proceeds from the sale of your optometry practice into securities or a rental property to generate income and have increased and comfortable financial freedom.
WHEN should you sell your optometry practice?
Sell your healthcare practice when a legitimate buyer presents himself. As mentioned earlier, many practices close up shop without a buyer. So when it comes to selling your healthcare practice, waiting is not always a good option. If you have a legitimate buyer come along, then you should take their offer seriously because you never know when another buyer will come around. Sadly there is no guarantee that another buyer will come around. You don’t want to miss out on a potential opportunity.
Sell your optometry practice when you are ready to retire. If you are in a position where you have colleagues ready to buy you out, then you should let them start buying years in advance as you prepare to retire. And then once you are ready to retire, they can make their last payment and you can stop working and enjoy.
Remember, when you are planning to sell your healthcare practice, plan as far ahead as possible. Work with healthcare advisors like Practice Advisors to help you through this process. Our experts are ready to ensure you have a smooth transition.