Before we can look at what happens in a bad deal, we must first understand the three central components of a good deal: Both the buyer and seller agree the price is fair, the terms are fair to both sides, the buyer is able to pay the price, and there are no hidden time bombs in the practice. If any of these components break down, then the deal devolves into a bad deal, and will eventually fall apart.
When graduating optometry school, retiring from practice seems a lifetime away. But there are steps you need to take in each phase of your career, including at the beginning, to eventually be able to retire without financial worries.
When buying a practice, like buying a house, you are investing in something of value and building the value of that investment. Here are a few key points to keep in mind when creating your plan, as well as some disconnects between what a borrowing optometrist thinks, and what a lender that understands optometry knows.
Many optometrists have told us they are not sure how to go about their practice transition. When buying, or selling, a practice, you need the right people resources in place. Here is a winning-team checklist.