4 reasons to buy a practice now
By Chad Fleming, O.D., AOAExcelTM Business & Career Coach
Your direction determines your destination, and your destination is a result of your choices. Now is the time to choose to start a practice or buy a practice.
Purchasing a practice is scary and can be risky. However, many good things in life don't come without some risk and fear. Here are four reasons why now is the time to buy or buy into an optometry practice.
- Money is cheap. Finding someone to loan to a professional optometrist is easier than you think. Many banks have their own division of professional lending. Rates will vary, so I encourage you to consider a couple of different lending institutions.
- Buyer's market. With many baby boomers retiring, there is an abundance of solo practitioners looking to sell. This supply is creating great buying opportunities for optometrists looking to transition from corporate optometry to private practice, or for two working moms to join together to buy a practice they can co-own and each see patients part time. This complements the balance required to be successful in life and profession.
- Financial freedom. You might not be thinking about retirement, but at some point you will have to. The sooner you start planning, the more likely you are to end up there. Most of us want to retire early but never will because we do not have the financial independence needed to fulfill the dream. Ask any senior OD and they will tell you that one of the best assets in their portfolio was their practice. An optometry practice is like a great stock that pays dividends consistently.
- Employed associates. Having associate ODs in the practice offers the benefit of knowing you can take time away and have someone to cover on-call responsibilities and someone to keep an eye on the rest of the staff.
It doesn't matter if you buy a practice or buy into a practice. If owning a practice is a goal you have in life, then now is the time to make decisions that begin to redirect your destination. Many ODs sit and wonder if they can do it, while those who own their own practice are wondering why they didn't do it sooner.