Things to consider when selling an optometry practice

You have spent a lifetime learning your profession and practicing for the benefit of your patients and your family’s security, now it’s time to think about transitioning to the next phase of your life, whether that means retirement or working as a non-owner. In order to maximize the benefits from the sale of your practice, there are a lot of things to consider.
1. Do you consider owner financing of the practice?
2. If you also own the building, do you sell the building or rent to the new owner?
3. What are the tax implications of selling the practice? The Building?
4. Do you stay on for a period of time to aid in the transition? If so, how many days or hours per week? How will you be paid?
5. Will there be a non-compete? For how long, and how large an area?
6. How will the sale of the practice be communicated to the staff, patients and other community members? What is the content of the communication, and who writes and/or approves it?
7. Will all of the staff remain? Will key staff remain? Are there staff members that should not stay on due to performance or other issues?
These are just a few considerations. Take time to think over all of the professional and personal ramifications of the sale to make this the best transition possible, both for the practice and for yourself.