Before you officially launch your practice for sale or partnership on optometrypracticesales.com.au, it's important to be prepared for inquiries to start coming through.

Buyers will be looking for specific information to determine if your opportunity is suitable for them. If you are not prepared, it can be frustrating for both parties and may result in a loss of confidence and interest from prospective buyers.

We understand this is likely your first time working through this process, so we have outlined some advice and tips below.

1. Full financials for the past 3 years. 
2. Your lease and recent invoice. If you own the premises, an appraisal from a local agent outlining the market rent. 
3. A list of your main equipment, date of purchase, and original purchase price. 
4. A payroll summary for your staff that includes their roles in the practice. 
5. A current stock on hand report. 
6. Your asking price, or appraisal (if available). See the next question for more information. 

You have several options available to you.

Your accountant is the perfect place to start. While accountants often arrive at a number different from what might meet the market, the key is to provide them with as much information as possible about your practice and the market itself. 

Another option is a broker who specialises in the optometric industry. They offer an ‘appraisal’ as compared to a sworn valuation. Their expertise in the industry and understanding of the landscape can be of benefit when presenting a price for your practice to the market. 

If you are a ProVision member, we can assist you in obtaining a market appraisal. Based on your level of membership, this can be complimentary or a discounted market rate. Simply reach out to business@provision.com.au to find out more. 

Finally, an accountant that specialises in the optometric or broader health industry can provide you with an accredited or sworn valuation. This valuation is more involved from a process and cost perspective but is recommended for more complicated sales, or partnership changes. 

Ideally, if you can create a prospectus about your practice that contains all the relevant information buyers are looking for, you will have a greater chance of success for a sale. 

Typically, a prospectus contains the following information:
 

• Practice Description and Benefits.  
• Age of practice and how long you have owned the practice  
• Your reasoning for selling 
• Your type of premises and patient accessibility 
• The types of businesses surrounding you practice 
• Special interests e.g. Behavioural, Contact lenses 
• The typical patients - age, profession. 
• Relationship with GPs - i.e. Referral partners 
• Bulk Billing or private? 
• Practice Management System in use 
• Practice Areas - number of consulting rooms etc. 

1. Financial Information

• Trading Statement 
• Profit & Loss Statement  
• Balance Sheet (if applicable)  
• Depreciation Schedules 

2. Practice Management System Reporting

3 years of practice summary reports from your Practice management System are required to verify sales of frames and lenses and other products, as well as the number of consultations taken. These reports will provide important information about the practice's sales and income performance.

3. Price

The asking price and supporting appraisal or valuation

4. Equipment

 A list of the major clinical equipment that is to be sold with the practice, including equipment type, model, and age.

5. Stock

Approximate current value at cost of stock on hand 

6. Lease Details

• Lease term 
• Lease expiry date 
• Renewal options (if any) 
• Current base rent 
• Outgoings  
• Yearly rises in base rent 
• Size of premises

7. Business Trading Hours and Staff

• Normal weekly trading hours of the practice  
• Brief summary of all practice staff (including owners) and the approximate hours per week they work.

8. Practice Photographs

You have several options available to you.

Your accountant is the perfect place to start. While accountants often arrive at a number different from what might meet the market, the key is to provide them with as much information as possible about your practice and the market itself. 

Another option is a broker who specialises in the optometric industry. They offer an ‘appraisal’ as compared to a sworn valuation. Their expertise in the industry and understanding of the landscape can be of benefit when presenting a price for your practice to the market. 

If you are a ProVision member, we can assist you in obtaining a market appraisal. Based on your level of membership, this can be complimentary or a discounted market rate. Simply reach out to business@provision.com.au to find out more.

Finally, an accountant that specialises in the optometric or broader health industry can provide you with an accredited or sworn valuation. This valuation is more involved from a process and cost perspective but is recommended for more complicated sales, or partnership changes. 

Selling a practice can be a time-consuming process that you will need to manage while also running the business. There are pros and cons for either approach so think about your time frame, how involved you would like to be, and your knowledge of business sales.  

Using a broker that specialises in optometry typically offers expertise and resources in marketing, valuation, and negotiation. Brokers should have access to a network of potential buyers, increasing exposure and potentially fetching a higher sale price. They handle much of the process, from marketing the business to vetting buyers and facilitating negotiations, freeing the owner from much of the legwork. They typically charge a percentage of the sale price as commission. 

The brokers that we recommend and have a proven track record with optometry practices include: 

• Sean Roffey, Pharmacy Business Sales 
• Phillip Fent, Optometrist Business Brokers 
• Brad Potter, The Health Linc 

On the other hand, selling independently can give the owner more control over the process and potentially save on brokerage fees. However, the owner must take on all aspects of the sale, including marketing, negotiation, and legalities, which can be time-consuming and complex. Independent sellers may have a limited network of potential buyers, potentially affecting the sale price and duration of the process. 

Your accountant and legal representative will be key stakeholders in the process.

If you are a ProVision member, you have access to a practice sale service that guides you through the process. Email business@provision.com.au to find out how they can help you. 

Ultimately, the choice between using a broker and selling independently depends on factors such as your available time, expertise, network, and desired level of involvement in the sale process.