Located in Worcester County, Massachusetts, this second generation optometry practice has been a mainstay of its community for over 75 years. The retiring owner desires to transition the practice to a motivated doctor excited to carry on the long legacy of the practice and its loyal patient base.
Average gross revenues equal $515,000; average net profit equals $220,000, which is an average net profit margin of 43%; well above the national average. Gross revenues for 2014 expected to surpass 2013 gross revenues.
The spacious office is 2,100 square, located in a one story professional office building in a downtown area with high visibility and traffic. The office comprises 2 exam lanes, 1 testing room (could be 3rd exam lane), a reception area, closets, business office, lavatory, repair lab, and an optical dispensary (400 square feet). In addition the office is computerized with Office Mate. The practice has an excellent recall and pre-appointment system in place with appointments booked well in advance and over 3,000 active patients on record.
Owner currently works twenty-one hours per week, with seven weeks off for vacation although in 2014 he enjoyed eleven weeks’ vacation time. Significant income growth opportunities exist for a buyer, simply by adding OD hours and decreasing vacation time.
Price: N/D; 100% Bank financing available.
Revenues: 2011 = $505,474; 2012 = $535,764; 2013 = $504,790
Adjusted Net Income: 2011 = $224,675; 2012 = $242,217; 2013 = $203,500
Reference#: #OD489266
