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What Are The First Steps To Selling My Business

The Question

I'M PLANNING TO SELL A SOLO OPTOMETRY PRACTICE IN 1-2 YEARS. WHERE DO I START? LARGE OFFICE (3400SQFT.) SINGLE BUILDING, PRIVATELY OWNED. RURAL AREA, COLLEGE TOWN. NOT SURE IF IT WOULD ATTRACT ANOTHER OPTOMETRIST. OR JUST SELL BUILDING. HAS ABOUT 2 ACRES OF LAND LARGE PARKING AREA. NOT SURE WHAT MY FIRST STEP IS RIGHT NOW.

The Answer

If you can find an optometrist who wants to own their own practice and is also willing to invest in the real estate that would be great. But my guess is that it will be hard to find a person like that in a small town in a rural area.

So, the next question is: Are there any larger optometry offices on the other side of town, or in a neighboring town, that could grow there operation by buying your business and putting their name on it. If so, this is probably your best bet for selling the business and the building together.

Are you the only occupant in the building?

If so, you will probably want to avoid selling the business to an optometrist and then trying to sell the real estate to an investor. The real estate investor’s income on the property would be limited to the rent paid by one small optometry office - not that exciting.

So the best bet would be to try to sell the business to someone who can absorb it into their current practice and sell the real estate to an investor who can maximize the value of that property. 3400 sq. ft. and a large parking lot sound like more space than is needed for the optometry office.

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