You are selling your practice to an Associate, so why bother with the services of a broker? Afterall, you know each other, the associate knows the practice and the patients and more importantly, you have a good relationship so it should be easy to cross the finish line. Or will it? Here are good reasons to reflect on that decision and why you will benefit from using a broker.
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In Canada, franchises are the twelfth largest industry and employ about one in eight workers. Canadian eye care and optical offer an array of options for a potential franchisee. Is it for you? Consider the pros and cons and know what you are getting into thoroughly.
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There are a few reasons why a practice seller might want to do it themselves and avoid the services of a bona fide broker. Saving the commission costs and keeping it quiet are two reasons often cited by sellers. Jackie Joachim, offers up the other perspective and advises not to fall into the “do it yourself” trap.
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IRIS, The Visual Group, continues to consolidate its growth in British Columbia and Ontario, announcing new partnerships in two BC locations and one Ontario location. In each case the new partners will receive dividends on the basis of the profit of the individual location, their salary and participate in the appreciation of value as the practices grow.
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Selling a practice will almost invariably be an emotional roller-coaster. After all, its likely been “your baby” for many years and now you are about to relinquish control. Jackie Joachim, COO ROI Corporation advises sellers to keep their emotions in check, expectations realistic and work with the right advisors.
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Business tips you need to know. Industry news that affects your practice.