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Optometry Practice Purchase Agreement

Count the optometric experience of partners Members of your practical transition support team must have extensive experience with optometric procedures. You don`t want a patient to go to a general practitioner for eye care, so don`t expect good results from service providers who only optometry occasionally or rely on a general medical model. A competent support team understands many transition risks and takes the time to explain them to you. Many ophthalmologists told us that they were not sure how they should do their cabinet. Whether you`re buying, buying or selling a private practice, you need an experienced “practical transition support team.” We found that the resources experienced are very difficult to find. Given the financial aspect of purchasing a practice, you are looking for financial advice from an accountant you have hired to check all records. They should also be familiar with royalty schedules, revenue sources, cash, overhead, debtors, lenders, the sales contract and, finally, the financing of the transaction. Legal search for a lawyer with optometric or at least medical and sales experience to help in the following areas. Lawyers must be allowed to practice in the state where optometric practice is located. Legal fees generally range from $3,000 to $5,000 for full documentation; less for the revision of an existing contract. Costs vary from state to state. Often, legal fees are shared between buyer and seller. Accounting Look for a business with an optometric practice or at least medical and sales experience.

Most accountants are established by the government, but this is not necessary. Cost ranges vary depending on the services provided and are considered by most ODs to be a very good investment. The cost is between US$500 and US$500 for the situational advice; 2000 to $5,000 for good bookkeeping; $1,000 to $2,500 for a basic tax return. Benefits for Sellers – Manage sales tax profits (i.e. deferring seller`s letters, reclaiming, capital gains). Financial/retirement advice (also being considered with a financial planner). Determining the asset base (tax effects, an integral part of the sale negotiations). Benefits for Buyers – Financial Diligence of the Seller`s Books. Helping to budget for determining expected cash flows. Determining the asset base (tax effects, an integral part of the sale negotiations). Put in place the right accounting systems for day-to-day operations.

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