Selling an Optometry Practice
Specialists in providing comprehensive optometry practice appraisals, optometry practice sale brokerage support, and mergers, acquisitions, and transition consulting services for OD practice owners.
We service the optometric industry only and we limit the number of clients we accept at any given time in order to provide practice sellers and buyers the time, attention, and care needed to navigate the many complex phases of an optometry practice sale. Don’t get stuck working with a high volume operator that can’t get the job done. Our model allows us the time to provide each client the high level of the care and attention necessary to close transactions successfully.
VPG’s team of attorneys, MBAs, accountants, management experts, and doctors have over 70 years of combined experience successfully transitioning over 4,000 practices nationwide. Let us handle the full-time job of selling your practice while you continue working as usual until your practice is sold. We will ensure you receive maximum value for your practice so you may move into the next phase of your life with dignity and financial security.
70 years of combined experience successfully transitioning over 4,000 practices nationwide
Seller Inquiry Form
Feel free to contact us with any questions regarding the selling process. You may call or inquire below for a free consultation to answer any questions you may have about the selling process. Any information submitted in this form will remain strictly confidential unless you authorize otherwise.
OUR SERVICES INCLUDE
Practice Appraisal
VPG prepares optometry practice sellers with a comprehensive practice appraisal, which will report the fair market value of your optometry practice. Our appraisals are known to be the most through in the industry, accepted by commercial lending institutions, and often used by buyers as a substitute for drafting a business plan when applying for financing. The appraisal is useful in determining a reasonable asking price for your practice, which also serves as a credible reference to justify to buyers your asking price. The appraisal is also used by commercial lenders in approving a loan to acquire your practice.
Listing Your Practice for Sale
VPG confidentially lists your optometry practice for sale via our website, social media, trade shows, direct mail, email correspondence, optometry schools, publications, and many other resources and important directories. VPG also uses cutting edge marketing strategies to provide maximum exposure for the sale of your optometry practice in order to garner as many potential qualified buyers as possible. All prospective buyers will be fully screened and required to sign a confidentiality agreement in order to protect your privacy and security. In addition, we have a database of qualified OD buyers actively looking for opportunities around the US, who we will notify of your practice listing.
Buyer Screening
VPG strictly evaluates all buyers and filters out non-qualified buyers to bring you serious inquiries only. We review candidates’ resumes; obtain references and credit reports, and gain lender pre-approval of candidates in order to introduce to you, qualified candidates. We are also in touch with private equity groups and large group practice buyers who we will introduce to your listing if appropriate.
Seller Negotiations
Using years of direct experience and expertise, our team will represent you and mediate negotiations. We work closely with the Seller and Buyer to come to agreement on all terms, after which we prepare a Letter of Intent or Offer and Acceptance Agreement setting forth the following: purchase price, deposit, conditions of sale, financing terms, due diligence terms, lease terms, Seller’s warranties, non-compete terms, accounts receivables handling, closing date, transition terms, and definition of Seller’s role in the practice after closing including transition training and/or consultation. VPG can assist you, your legal advisor, and accountant in all aspects of the negotiation process providing the skill and expertise necessary to bring the deal to a mutually beneficial transaction between practice buyer and seller.
Due Diligence Support
After the Letter of Intent is executed, the buyer will typically enter a due diligence period in which they can query the seller for the most detailed information about the practice. It is important the Seller prepare the necessary information about the practice for sale in order to honor the Buyer’s requests and keep the deal alive. As your listing broker, VPG will acquire as much of this information as possible prior to due diligence so that it is ready for prospective Buyers. Additionally, as your broker, we handle all Buyer requests and disseminate information and answer buyer/lender/attorney/advisor questions as needed so that you don’t have to spend hours and days doing it yourself. As due diligence comes to an end, we mediate and address any possible Buyer concerns in order to execute a final Purchase & Sale Agreement and close the deal.
Financing
VPG assists the optometry practice buyer in obtaining financing by helping prepare all the required documentation requested by the lender and addressing all their data requests and questions. We will reach out to our network of commercial lenders, specializing in optometry practice lending, to help the buyer secure up to 100% financing including working capital funds.
Closing the Deal
VPG assists the optometry practice seller’s team of advisors in finalizing a Purchase Agreement. We work with you, the Buyer, and all attorneys and accountants in mediating any issues that may arise between the parties. The value of our experience helps facilitate closing the transaction with a minimum amount of controversy between the buyer and seller, thus creating a win-win situation for all parties involved.
Legal Representation
We will connect you with optometric transaction attorneys, experienced in optometric practice sales, so you are not paying for an attorney to learn how to do something for the first time! There many idiosyncrasies to an optometric practice sale that are unique to this industry vs. others including other health care practice transactions. For example, vision plans and retail inventory are elements involved in the optometric industry that are not evident in other transactions. It is critical to have a non-adversarial attorney represent you who has specifically closed many optometric transactions.
Transition Consulting
VPG helps coordinate the transition of the optometry practice from the seller to buyer, including: when and how to introduce a buyer to the staff and patients; a carefully drafted letter mailed to notify patients of the transition; tips on how to answer the telephone leading up to, during and after the closing; how to handle accounts receivables and works-in-progress; insurance credentialing; and how to ease the buyer comfortably and successfully into the practice.
Management Consulting
After a successful optometry practice purchase, we set ourselves apart by offering continued consultation to help the buyer confidently take over the practice. We offer guidance through business registration and filings, insurance impaneling, business planning, cash flow planning, accounting and bookkeeping, inventory ordering, human resource planning, drafting employee manuals, and anything to help the buyer get off to the right start. This is especially important for the seller in situations where the practice sale is partially financed by the seller. Additionally, by offering these services, VPG gives buyers greater confidence thus increasing the buyer’s market and the probability of finding you a qualified buyer faster.
