So you want to sell your practice? - practiceconcepts.com info OD- part1.pdfSo you want to sell your...

2706 Harbor Blvd. #212, Costa Mesa, CA 92626 TEL: 877-778-2020 FAX: 714-545-5108

WWW.PRACTICECONCEPTS.COM

So you want to sell your practice?

You made the decision to sell your practice. Now what? Do you know the first step in finding qualified prospective buyers? Have you considered the enormous time commitment in explaining and marketing your practice? What papers do buyers need to evaluate your practice? What about the confidentiality issues?

Practice Concepts offers a different approach to selling practices. Our approach saves you time, and results in faster sales and transitions.

Our team combines over 75 years in business management and financial services with the hands on experience of owning a successful private optometric practice. Dr. Alissa Wald, a graduate of the University of Houston, currently owns and operates a successful 17 year old optometric practice, including an associate doctor and seven staff members. Scott Daniels has over 18 years’ experience in business management, financing, marketing, documentation and transaction structuring.

• Doctor owned, managing a large successful practice. • 18 years business financing experience, business management, and transaction negotiations. • 100% financing through our lending partners. • Exclusive 50 page custom practice prospectus to market your office • Extensive marketing strategies • Exclusive, secure online access

Most buyers will seek financing to purchase a practice. Loans are provided by an SBA bank or conventional lender. Lenders determine the maximum loan amount by analyzing the cash flow and profit from the practice. In simple terms, they’ll review how much profit is available to repay the loan and provide the buyer with personal living expenses. Did you know that over 90% of doctor’s buying a practice use financing? We work to help prospective buyers acquire financing through our lending partners. Our buyers are pre-qualified. Before a prospective buyer views any of your information, we obtain a complete Buyers Profile and verify their source of down payment or funds. We’ve established a database of pre-qualified buyers.

Through our referral network of attorneys, accountants and insurance agents we also assist the buyers after the sale to insure a smoother transition and the long-term ongoing success of the practice.

Please contact me to discuss how we can increase your value through our comprehensive services. My telephone number is 877-778-2020 Sincerely,

Scott Daniels

CAN I SELL MY OWN PRACTICE? If you have successfully owned and operated a practice, chances are you can successfully sell it. However, we won't tell you that it will be easy. There are countless complex issues that range from marketing your practice ("Who is the right buyer for my business, and how do I find him or her?"), to negotiating the right price ("What is my practice worth?" or "Am I leaving money on the table?"), to structuring the transaction ("Do I have to provide a seller’s note?" or "How long will it take for me to properly transition out of the practice?"), to understanding important tax and legal issues ("How can I minimize my taxes from the sale of my practice?). WHY SHOULD I USE AN ADVISOR? Selling a practice can be a complex and emotional process. Even large business owners who have operated multi-million dollar global companies choose to utilize the services of a professional business broker or merger & acquisition advisor, not because larger companies are more complex, but rather because of the inherent value in having an objective, third-party advisor direct the process. Studies show that using an intermediary can not only increase the likelihood of a successful transaction, but also can increase the price paid for your practice.

WHAT QUALITIES SHOULD I LOOK FOR? Experience, ethics and education. There are many more intricacies involved in the sale of a practice opportunity. We take the time to understand your ultimate goals and objectives, and we have the ability to accurately value your business, and advise you accordingly. Our management team includes Dr. Alissa Wald, O.D. and her husband Scott Daniels who successfully manage a 17-year-old practice. Together with our nationwide team of agents, we bring over 75 years of combined experience in practice management and ownership, as well as transaction structures and financing. WHAT ARE THE COSTS? There is no cost to you up-front. Our fees are earned when we complete a sale for you. We simply ask that you provide an exclusive listing agreement to allow us to properly advertise and market your practice. DO I STILL CONTROL WHO BUYS MY PRACTICE? Yes, absolutely. You always maintain the final decision in choosing a buyer. Just like selling your home, once you have received a signed offer from the buyer, you may choose to counter or accept the offer.

We’re in practice to advance your practice

SELLING YOUR PRACTICE JUST GOT EASIER…

2706 Harbor Blvd. #212 Costa Mesa, CA 92626 TEL: 877-778-2020 FAX: 714-545-5108 WWW.PRACTICECONCEPTS.COM

♦ 75 YEARS COMBINED NATIONWIDE EXPERIENCE

♦ NATIONAL DATABASE-QUALIFIED BUYERS

♦ PRACTICE CONCEPTS IS DOCTOR OWNED

♦ NATIONWIDE SALES

♦ LICENSED BROKERS AND AGENTS ♦ REGIONAL OFFICES AND AGENTS

SECURE ONLINE WEB ACCESS Our exclusive website features online secure access for buyers and sellers. Sellers can view their information and track buyer interest online in a secure password protected environment. Qualified buyers who have registered can view photos and documents online with controlled or limited access. This allows buyers to obtain more information faster to better understand your office and improve the sale process. CUSTOM PRACTICE WRITE-UP As one of our clients, we prepare a professional 30 to 50 page practice write up about your office. This includes all important information about your practice including recast financial highlights, history and growth opportunities, detailed demographics, radius maps of nearby competitors and more. We found these presentations improve your chances of a successful and timely sale. FULL TIME STAFF PERSONNEL Full service means having full access to our staff. Imagine if you had to dispense, make appointments and see patients all at once. Practice Concepts has a full time administrator and marketing manager in addition to several agents throughout the country. This insures that someone is always available to answer your questions. We also have daily update meeting in order to insure everyone is working together for the best delivery.

OVER 20 YEARS FINANCING EXPERIENCE Almost 20 years financing experience working with doctors and other businesses means that we understand how to communicate with lenders and insure a higher approval rate for buyers seeking loans (over 90% of buyers need a loan). For example, we have done two of the largest loans in their history with one of our primary lenders. We offer free assistance to buyers and unlike other brokers do not receive any referral fees from banks. WE OWN A LARGE, SUCCESSFUL PRACTICE Believing in the future of independent optometry, we own a practice and have just recently invested in a second office. Sixteen years ago Dr. Alissa Wald purchased a small practice just one year after getting her license. Now her office has grown to include two associate doctors and seven staff members. Hands on experience helps in understanding your needs and illustrating growth opportunities to buyers. MARKETING Our marketing strategies provide a discrete yet comprehensive approach. Our website is search engine optimized to insure the best coverage and access to buyers. We advertise in most major trade journals and Dr. Wald is a proud member of the COA and AOA.


WHY USE US







Our proven techniques and extensive marketing strategies are professional, strategic and results oriented. We have a marketing department to insure your practice obtains the best coverage possible. This includes regular emailed newsletters, direct mail pieces, advertising with all the leading publications as well as schools and local society publications, plus attendance at events and seminars. Below is a general listing of advertising vehicles we utilize. This is not a complete list and new avenues are constantly developed. Often each specific listing will include additional advertising methods not listed.

Schools

Southern California College of Optometry

Berkeley School of Optometry PA College of Optometry

Illinois College of Optometry N.E. College of Optometry

Nova Southeastern Pacific University SUNY Optometry Southern College

of Optometry Houston College of Optometry

Events/Seminars Optowest

COA Fall Symposium AOA

AAO (academy) Vision Expo International

SECO International SCCO Block Lectures

Primtetime CE

Miscellaneous Proact OD

SECO International Optcom ODWire

VisionCare Block Buying Group VisionWest (VWI)

C&E Vision Newsletter Opticourier

Practiceconcepts.com Bizquest

International Business Brokers Assoc

COA.org Ca Assoc of Business Brokers

Bizbuysell PracticeWorld

TLC Additional

Monthly E-Newsletters Email Broadcasts

Direct mail Guest lecturer

Print Advertisements Optometric Management

Eyecare Business Southern California Physician

Review of Optometry AOA News

COA Magazine TOA Newletter

NYSOA newsletter

State/ Regional Assoc American Optometric Assoc. California Optometry Assoc.

NJ Optometric Assoc Texas Optometry Association

Local Publications Optometric Physicians of Wa

Oregon Optometric Phys Assoc PA Optometric Assoc NY Optometric Assoc


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At Practice Concepts we take pride in helping Sellers and Buyers navigate the road to a successful transition. Below are excerpts from just a few of the testimonials of the many happy doctors we have helped over the years.









rev 2/08 3-practice profile.doc Page 1 of 8

2706 Harbor Blvd #212, Costa Mesa, California 92626 Tel: 877-778-2020 Fax: 714-545-5108

www.practiceconcepts.com

Practice Profile Name of Practice (dba): Owner Name(s): Location:

Years at current location: Total age of practice: Years under current ownership: Your contact information (Please provide this information so we may contact you easier and communicate confidential information) Home Address:

Office Phone: Private Line:

Home Phone:

Fax number:

Cell Phone:

E-Mail Address:

Your Spouse’s name:

Please send all mail and correspondence to the following address:




Reason for sale: Circle your timeframe (urgency) for selling the practice (10 being most urgent) 1 2 3 4 5 6 7 8 9 10 Your plans after the sale: Times when the practice can be shown: (please circle all) (Restricting available times could increase the time to complete a sale.) Anytime Evenings Weekends During office hours Only after hours Who is aware of your plans to sell? (i.e. staff, manager, employed doctors, etc) : When do you plan to tell your staff? (Feel free to call us for suggestions if unsure) : Can we call you at the office? : Any Additional Comments:




PRACTICE INFORMATION Type of Practice, (i.e. any specialties, etc):

Office hours

Owner Doctor hours

Associate Doctor hours Notes

Sunday

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday Total Associate Doctor hours per week seeing patients? Total Owner Doctors hours per week (seeing patients only)




TELL US MORE ABOUT YOUR PRACTICE Office Space Information

Office Square Feet: Remaining Lease Term:

Monthly Rent: Estimated Cam Charges:

Gross or Triple net lease? Options to renew? (Specify)

Number of exam rooms? Pre testing room?

Contact Lens Room? Lab?

Dispensary? Approx sq ft of dispensary:

Website? Do you own the building?: Estimated appraised value Would you consider selling the building? Rental rate which would be offered to new tenant/ buyer? Brief description of office space (include adjacent offices/ stores: Current advertising and marketing methods: Yellow Page ad monthly contract Amount $____________ Other monthly contracts ______________________________________________Amount $____________ Please describe your inventory as of __ ____ date

Estimated number of frames on hand: (EXCLUDE CONSIGNMENT FRAMES) Average cost per frame ( or Actual total cost) Contact Lens inventory (Actual cost, excluding trials and expired lenses) Banked contact lenses (if any) Other (describe): TOTAL INVENTORY (COST)




Tell us about the procedures you perform (Please include a copy of your current fee schedule)

Intermediate exam: Last time fees increased:

Comprehensive exam: Contact lenses exam:

Other professional fees: Professional fees by source as a percentage: (mark those applicable)

VSP: % Medicare %

VSP non-standard % Private Pay %

Medi-Cal/ Medicaid % Other Insurance %

Davis % Cole- Vision % TELL US ABOUT YOUR PATIENTS

Number of patients treated last month: % of new patients %

Number of patients treated last year: % of new patients %

Number of patients treated 2 years ago: % of new patients % PATIENT DEMOGRAPHICS (Percentage age of patients)

Under 16yrs: 30-50yrs

16-29yrs: Over 50yrs:




OFFICE PERSONNEL INFORMATION (Please include all contracted specialists or associate doctors) Title Salary/Wage Hours Per Week Yrs w/ Practice Optician Optician Receptionist Associate doctor Tell us about your revenues Year/ Period Gross Revenue Net Cashflow (profit + Owner benefits)

Financial information provided by Seller. Net cashflow is based on seller’s discretionary income and includes depreciation, interest expense and any leases or loans and other expenses that may not be attributable to buyer.

Please attached your last 3 years tax returns and the current year profit and loss statement.

Notes to Revenue




EQUIPMENT INFORMATION HIGHLIGHTS: (PLEASE PROVIDE A COMPLETE LIST OF ASSETS) Brief description of ophthalmic equipment (include any pre-testing equipment. This list may not be complete)

Qty. Make & Model (if over $5000, include serial #) Age Condition Exam Chair & Stand Exam Chair & Stand Slit lamp(s) Keratometer(s) Phoropter(s) Projector(s) BIO Indirect(s) NCT(s) Visual Field(s) Auto Refractor Auto Refractor/ Keratometer

Topographer Fundus Camera Radiuscope Lensmeter Tint machine Edger Other Items Other Items Average age of equipment: Recent Equipment upgrades Credit Card machine leased or owned Remaining term of lease Is there a computer network? Number of computers Ave age Practice management software used? Version of software? Is it the current version? Annual Software maintenance agreement? Do you send recall cards to patients? How often are recalls mailed? Recall done by computer or manual Patient Scheduling on the computer?




Summary and Overview (in our own words)

1) Brief History of Practice (i.e. Why you picked the location? Did you start up cold or purchase from another doctor?)

1) Tell us about the area

2) Emphasis of Practice

3) Contributing factors to success of Practice

4) Ways to grow and increase revenues

This information provided is true and accurate to the best of my ability. Owner’s name: Signature

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