Even though most stockbrokers will advise you to avoid trying to time the stock market, the key to making a good investment is timing. Still, waiting for the perfect time to sell your healthcare practice might not be such a great idea. You could miss out on opportunities that could be financially lucrative in the long run.
Wouldn’t it be great to reduce your time spent on patient care while being able to logistically and financially reduce your five day work week? It may be time to sell your optometry practice, but that takes a lot of planning ahead.
Here are a few reasons you should sell your optometry practice right now.
Buyer interest in optometry practices is hard to come by. Unfortunately, over 400 optometry practices close their doors yearly without a buyer. On the bright side, there may be opportunities to sell to another optometry practice or a larger healthcare system like a local hospital. If you sell your optometry practice and then become employed by the buying optometrist, that could be a huge plus guaranteeing a sale.
You are ready for more financial freedom. When you sell your healthcare practice, you open yourself up to a variety of opportunities to make your money work for you. You can invest the proceeds from the sale of your optometry practice into securities or a rental property to generate income and have increased and comfortable financial freedom.
Say “goodbye” to outdated technology. In today’s technologically advanced world, new tech sprouts forth constantly. Technology turnover for medical practices can be as quick as three years. For a healthcare practice to be meaningful and useful, it needs updated hardware, software, and equipment. If a practice has not kept up with technology, this means a buyer could end up investing more capital. Too often, many optometry practice owners who are sole owners are further behind in upgrades to technology and equipment than they know.
When should you sell your optometry practice?
Sell your healthcare practice when a legitimate buyer presents himself. As mentioned earlier, when it comes to selling your healthcare practice, waiting is not always a good idea. If a legitimate buyer comes along, take their offer seriously because you never know when another buyer will come around. There is no guarantee that another buyer will come around.
Sell your optometry practice when you are ready to retire. If you have colleagues ready to buy you out, let them start buying years in advance as you prepare to retire. And when you are ready to retire, they will make the last payment and you can stop working and enjoy.
Remember, when you are planning to sell your healthcare practice, plan as far ahead as possible. Work with healthcare brokers like Aptus Exchange to help maximize the value of your practice and, therefore, increase the profits you will get from selling. Our experts are ready to ensure you have a smooth transition.
