Who pays Myers La Roche?
We are paid by the vendor from the proceeds of the sale of the optical practice. Our fee is 6.25% of the transfer price on completion of the sale.
There is a discount for AOP members 0f 0.5%. Click here for more information. A further discount of 0.25% is provided if our fees are paid by TT on the day of completion.
If you are thinking of selling an optical practice, please contact our Practice Sales Team on +44 (0)161 929 8389 for an information pack.
As a prospective purchaser, do I pay anything?
Yes. There is an administration charge of £15.00 plus VAT for processing the Confidentiality Agreement which you will need to sign if you would like to receive copies of accounts, leases etc. Your confidentiality agreement lasts for six months and covers an unlimited number of practices.
When you buy a practice through Myers La Roche, the administration charge will be refunded.
You will also have to pay a charge to your bank for providing a reference later on during the sale process. This will be in the region of £10.00 per reference but with some Internet banks, the charge can be as high as £40.00.
Now I have registered, what are my rights?
When you place your requirements on the Purchaser Register you need to be aware that this is a computer database. This database contains information about where we can contact you, and where you would like to buy a practice. You have the right at anytime to know what information we hold about you.
We are registered under the Data Protection Act 1998.
For more information visit the Information Commissioners' Office website.
What are the Business Details?
The business details have been compiled to provide an outline of the practices for sale. We do not reveal the practice identity to protect the integrity of the business, the vendor and the practice staff during the sale process.
Contrary to popular belief it is not to protect our fee. We have an exclusive contract with the vendor which means that our fee is guaranteed, even if the initial contact is not directly through us.
If you would like more details about a practice, telephone our Practice Sales Team on +44 (0)161 929 8389.
What happens if confidentiality is breached?
The practice information is highly privileged and you must not divulge it to any third party or treat it recklessly.
For example, visiting the practice without an appointment, writing to or telephoning the staff is considered as a breach of confidentiality.
Breaches of confidentiality will result in termination of our services and may result in civil action in the Courts or by the GOC.
What is the Client Protection Register?
The 'Client Protection Register' contains the details of persons or firms who have acted unprofessionally, irresponsibly or recklessly with confidential client information or who have submitted bogus offers.
It may also contain details of persons who are a poor credit risk, those with notifiable criminal or civil convictions and those on the UK / Irish Sex Offenders Register.
We reserve the right to refuse to pass information to, or deal with, persons on the Client Protection Register.
If you believe that your details appear on the Client Protection Register you may ask for an explanation by writing to:
The Data Controller
Myers La Roche
1 Lloyd Square
Please enclose a cheque for £95.00 plus VAT made payable to Myers La Roche, to cover the processing fee.
What happens when there is an optical practice for sale in my area?
When a practice comes on to the market and it matches the area you have indicated, you will automatically receive an email alerting you to the new practice on the market.
You can improve your chances of matching with a practice by making sure that when you register you provide your full name (as provided to the GOC, if appropriate), your full address including postcode (UK only), your contact telephone number and your qualifications.
You can then log onto the site and access the Business Details.
How do you value an optical practice?
In many cases, the business will have been valued by R A Valuation Services, the AOP's Valuation Partner.
This is an independent valuation service. R A Valuation means that you can rest assured that the asking price has been calculated in the light of past performance, local conditions and market prices.
In our experience, most practices change hands, at, or about the valuation figure. There may be some scope for negotiation if, for example, you can complete a sale very quickly.
Some practices do not have a formal valuation, please telephone us on +44 (0)161 929 8389 to discuss how we arrived at the price guide.
Can I have a copy of the accounts before I visit the practice?
No. You will need to demonstrate commitment by taking the time to visit the practice before we will provide the full accounts.
If you are interested in a practice from the Business Details or perhaps from a discussion with a member of the Practice Sales Team, you can request a viewing through the website or by telephoning +44 (0)161 929 8389.
The Practice Sales Team will then endeavour to arrange a convenient time for you to view the practice and will contact you by either phone or email with the details. At this point we will reveal the location and name of the practice.
This initial meeting is often held out of practice hours to minimise disruption and maintain confidentiality.
How do I get more information & make an offer?
After your visit, you will have a good understanding of the business and an outline of the financial information. You may then wish to view a copy of the accounts, the valuation certificate and/or the lease.
To further protect the interests of the vendor, we will ask you to sign a Confidentiality Agreement before these are released. There is an administration charge of £15.00 plus VAT for processing a Confidentiality Agreement. The agreement lasts for six months and covers an unlimited number of practices. If you buy any practice through Myers La Roche, the administration charge will be refunded.
If you would like to make an offer on a practice, we ask that any offer be made through Myers La Roche rather than direct with the vendor to avoid any misunderstandings and the possibility of disappointment. We will be able to help you and the vendor to reach an understanding.
What happens when my offer is accepted?
If the vendor accepts your offer, we will introduce your solicitor to the vendor's solicitor. Your offer is, of course, subject to 'due diligence' - having sight of the trading accounts, the lease and the independent practice valuation certificate, if available. You may want to commission your own survey of the property or a further valuation of the business.
We will ask you to provide 'proof of finance', some references and we ask your current bank to provide a Status Report for which they will charge you about £15.00.
At this stage no further offers will be introduced unless you withdraw your offer. This measure prevents a "race for contracts" situation and avoids the possibility of your offer being "gazumped". We will continue to liaise with you, the vendor, the landlords and the respective solicitors until the matter is brought to a conclusion.
How much money can I borrow to buy an optical practice?
We can introduce you to specialist lenders, such as The Royal Bank of Scotland, who are particularly interested in financing the purchase of optician's practices and will often be able offer 100% loans at rates that are considerably better than on the High Street.
Part or all of the finance may be offered on an unsecured basis but please remember that your home may be at risk if you secure your practice against it. Offers of finance are subject to status and the lenders' terms.
How do I choose a solicitor?
Your choice of a solicitor is absolutely critical. You need a practitioner who is experienced in contract law, property law and, perhaps, landlord & tenant law. The wrong choice will result in delays and increase your costs.
We maintain a panel of experienced professionals who not only understand the Law but also the nature of the Optics Market. Ask us for a recommendation.
Once my offer is accepted, how long will the paperwork take?
During the last 550 practice sales managed by Myers La Roche in Britain and Ireland the average time taken from acceptance to completion was 16 weeks. The fastest sale took three weeks and the longest took 68 weeks.
It will take less time if you organise your finances, your referees respond quickly and your solicitor is on the ball. As a rule, freehold sales and sales where the vendor is also the landlord are quicker than leasehold sales.
What do Myers La Roche do whilst the sale progresses?
Our Practice Sales Team constantly liaise with all the parties to ensure that you exchange contacts and complete the sale. The interested parties include you - the purchaser, the vendor, the landlord, the various solicitors, the accountants, the agents, the lenders, your referees and, on occasion, statutory bodies.
We are uniquely placed to iron out the problems and issues that will arise during the purchase process.
Once my purchase is complete, how can Myers La Roche help?
Our marketing team specialise in marketing support for independent opticians and can provide a wide range of practical assistance from advertising campaigns to stationery, leaflets and brochures. We can design and develop your new corporate image and arrange for your signs to be written. If required, we can even help you refit a practice.
We also offer a complete Business Health Check which will identify the strengths and weakness of your new practice, so that you can build for the future and develop your optical practice.
As part of buying your practice through Myers La Roche, we will enrol you in the Optic2000 Club for 12 months free of charge.