Maybe you’re an eye doctor who’s eyeing retirement. Or, perhaps the COVID-19 pandemic changed your life priorities, and you no longer want to be the owner/operator of an eye care practice. Maybe you want to continue to work as an eye doctor but you no longer want to own the business. No matter what your motivation, there are some definite reasons that you may want to consider selling your practice to an established eye care consolidation business.
Here are a few signs that it may be time to sell your eye care practice:
- You no longer enjoy the work you’re doing. Burnout among health care professionals is a real concern, with 78% reporting burnout, according to a 2019 report in The Lancet. We all have bad days at work sometimes, but it’s no fun living life with more bad work days than good ones. If you can’t find the positive in what you’re doing anymore, then it’s time to think about selling your practice.
- Retirement is coming up quickly. With many doctors in the Baby Boomer age range—44% of doctors are age 55 or above, according to the Association of American Medical Colleges—that means there are a lot of eye doctors choosing their next move in life. It will happen faster than you think. Don’t wait until the last minute to make the plans for your eye care business. Start to look for a potential buyer for your practice about 18 months ahead of time so you can truly weigh the options.
- Your practice is doing well. The advantage here is that you’re in a better bargaining position and can fetch a better price for your business.
- Your practice is doing poorly. This sign may contradict the previous bullet point, but both extremes hold true. When your business is doing poorly, you can step back to analyze why that’s the case. Are there some short-term moves you can make to boost business? Or is the practice not doing well because you or your staff don’t have their heart in it? Either way, you gain some perspective on what you may want to do next—try to improve the practice on your own or decide to sell to a trusted company.
- The person you hoped would take over your practice no longer wants it. This happens all the time in small businesses. For instance, the son or daughter do not want to be part of the long-time family business. This can happen in medicine as well, even if that son or daughter studies to become an eye doctor. They still may not want the headaches that come with ownership because they prioritize a better work/life balance.
- You’re excited about a potential buyer’s ideas for your practice. Perhaps they have ideas for business expansion that you haven’t had time to try yet. You’d like to take part in those new ideas without taking the helm. This can become a win-win situation for a buyer looking to invest in a solid eye care practice and a seller who wants to stay involved with the business but no longer wants to own the business.
Although there are many choices when you plan to sell your eye care practice, selling your business to a long-established, trusted eye care company like US Eye could be the perfect fit. US Eye is a patient-centric, vertically integrated multispecialty eye care practice that aims to become the most admired eye care brand in the country. The US Eye leadership team comes from within eye care, so they know the business. They allow potential sellers to focus on what they know how to do best: care for patients. US Eye has over 30 locations in the Southeast and continues to grow.