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Optometry practice acquisitions
Selling or buying an optometry practice is not as straightforward as many think (including attorneys). The reality is that optometry practices are complex transactions that intersect many areas of law. At the same time, these transitions are unique because they involve features that are not found in other industries. As you are acquiring your practice, you will want to surround yourself with people who have the right balance of knowledge and experience for a successful practice transition.
Optometry Practice Purchase Agreement
The Optometry Practice (or Asset) Purchase Agreement explains how an optometry practice changes from one optometrist's hands to another. You need to be thorough in every aspect of the transition. A properly-drafted optometry practice purchase agreement should anticipate every issue and include a plan for how to resolve those issues.
Some purchase agreements are better than others. Oftentimes, agreement authors borrow purchase agreements or provisions from other fields of law. These purchase agreements are certainly better than nothing, but they are poorly equipped to address the unique concerns of your optometry practice acquisition.
McGregor & Oblad PLLC starts with a comprehensive optometry practice purchase agreement suitable to the needs of the optometry practice acquisition. We then shape it to the unique needs for your optometry practice acquisition.
Selling an Optometry Practice
We know that selling an optometry practice is probably the climax of your career. Identifying the right selling vehicle is critical to an efficient optometry practice sale.
Selling a practice carries significant tax, legal, and lifestyle implications. You want to minimize your legal liabilities and taxes. Most optometrists are guided by experienced accountants, consultants, and attorneys to smoothly transition the practice into the hands of a thoughtful and skilled purchaser.
Buying an Optometry Practice
Purchasing an optometry practice requires as much attention to detail as selling an optometry practice, if not more. You are likely buying an optometry practice for the first time. This requires a team of trusted advisors to prepare carefully for negotiations, financial modeling, and tax planning to deliver your new practice in as good of a condition as possible.
Hurdles in Purchasing an Optometry Practice
A potential optometry acquisition has many hoops to jump through before finalizing the purchase. Many of these issues are subtle and go unnoticed, threatening to disrupt the transition. The following are some questions to consider to avoid such issues:
- How is the practice price being formulated, and is it based on sound economic assumptions?
- What liabilities or potential future work is apparent on patient charts?
- Does the computer system accurately reflect what is being represented by the seller's broker?
- Does the broker have a conflict of interest?
- How will the employees of the practice be acquired?
- What kind of redo work will you be responsible for?
- When is the underlying lease coming due?
- Is there a latent harassment, malpractice, or board claim you are buying unaware?
Of course, these are not all (or even most) of the questions that should be considered by team members when purchasing an optometry practice. Optometrists should hire a qualified legal team when purchasing a practice. While this may seem like a high price to pay, it could save you money in the long run by ensuring that your purchased assets are safe and legally protected.
Our lawyers bring a professional level of business expertise to the optometry law community. We know how to negotiate, and we are fluent in both legal and optometry concerns. This makes us different from other attorneys because we understand you. With our legal qualifications and our varied experience with optometrists, we know how to combine these two very different areas to help optometrists buy/sell their practices. At McGregor, we understand your niche, and we work with professionals who are familiar with this unique area of law.