How To Buy In, or Buy Out an Optometry Practice

Dec 5, 2016
3 min read
4k views

We are excited to be hosting a Google Hangout with Visionary Practice Group, a leader in providing comprehensive Optometry and Ophthalmology practice consulting and brokerage services. Specifically, the hangout will feature Peter Almonte, J.D. and Erik Ferjentsik, M.B.A. from Visionary Practice Group.

Google Hangout will take place on January 11th 2016 @ 7:00pm EST / 4:00pm PST

Although CovalentCareers is focused on helping employers find great employees and job seekers find great practices, practice acquisitions are an extremely important topic that healthcare professionals should be aware of.

While many optometrists start off as employees, many shift gears to opening a practice, whether cold or through a buy out. Many of the job seekers that CovalentCareers has served have went on to buy out a private practice!

For employers, its important to understand what goes into selling a practice. It is often favorable, as one would assume, to utilize the service of the right professionals. Let's face it, practice owners are talented in many areas, but lawyering, brokering and dealing with tax isn't their strong suit. Many practice owners are doctors, they are amazing at seeing patients, but selling their practice is a bit more challenging.

Check out: The Difference Between Corporate and Private Optometry for Your First Optometry Job

During this Google Hangout, CovalentCareers will focus the discussion around practice appraisal, practice marketing and how to get screening and access to qualified buyers. We will also have Erik and Peter focus on contract negotiations financing and closing.

For practice buyers, finding a practice for sale isn't always easy. On CovalentCareers, we make this process easy! Just check the box "I want to buy into a practice" and you will be matched with employers who are willing to sell.

Visionary Practice Group will help you to assess the practice's value, prepare an offer letter, assist in all negotiations and due diligence, and help you obtain up to 100% financing at the best rates and terms to reach a successful closing and smooth transition into your new practice.

Agenda For The Google Hangout

  • What is an employment contract and who typically signs one (part-time vs. salaried vs. 1099)?
  • What are a few important clauses that should be included in an employment contract to protect the employee?
  • What is the difference between working as an independent contractor OD (1099) vs. a salaried employee OD?
  • What are the different types of compensation structures and benefits?
  • What are some of the pros and cons of each?
  • What should one look out for with incentive based compensation?
  • How should ODs determine and negotiate a fair non-compete?
  • How should ODs negotiate with their employer without risking damage to the relationship?
  • How does an OD calculate their value to a practice/company?
  • How and when should ODs approach buy-ins, partnerships, or buy-outs?
  • What other practice ownership/career advancement opportunities do I have and what are the pros/cons of each?
  • What should I do when I'm ready to transition into practice ownership?
  • You’ve both have been incredible! What are a few pearls you’d like our viewers to know before we wrap things up?

 

Click here to Watch Live the Google Hangout Here.

covalentcareers
About Matt Geller, OD

Dr. Matt Geller is an entrepreneur with a track record of developing successful online platforms to solve problems in the healthcare space. Matt is the co-founder and CEO of CovalentCareers and NewGradOptometry.


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