Before selling your practice, bringing on a new partner or investor or entering into a new practice management relationship or joint venture, you should first determine if there are any business or regulatory risks present in your practice, as they could jeopardize your transaction or put a portion of your proceeds at risk.
I started my own practice on January 4 —finally—after six years in practice. This decision was hardly a hasty one because I dreamed of having my own practice since the first day of OD school. Like most ODs fresh out of school, however, I was saddled by debt and fear of the unknown.
Purchasing a private practice is a big decision and requires thorough preparation. The practice that you purchase can determine where you live and where your children go to school, and it ultimately shapes the lifestyle you’ve been dreaming about your entire life.
There is no shortage of new diagnostic technology at optometry’s disposal. It seems every month a new device is available to enhance our practice and patient care. And with each new device, we will have to ask the same questions: Will it pay for itself? How much does it cost? Can I afford it?
Dermatology practices are attracting private equity buyers who have the potential to swoop in and make problems like heavy debt vanish. But there are important considerations to take into account before signing away full ownership.
The decision to own your own optometric practice is likely one of the biggest decisions you have made in your lifetime. And the decisions you will make regarding your exit strategy will most likely be just as challenging and possibly even more difficult.
As optometrists, we tend to be extremely knowledgeable with the most current standard of care, but this does not mean practice owners should invest in all the bells and whistles of the latest and greatest technology. A full analysis of your practice’s demographics, along with market and industry trends, will provide information to make decisions on where to invest and grow your practice.