Call us on: 0161 929 8389

How to buy a practice

 

How to buy an optical practice

1. Register on the Myers La Roche website

Visit the Myers La Roche website and register as a new user. You will now have a username and password and will have access to a list of practices available for sale.

2. Search for practices

Search through the website for practices & also receive emails from MLR about practices in your area

If requested, you will receive automatic email notifications when new practices become available in one of up to 3 pre-selected regional areas.

3. Call MLR for further information

For details please call MLR quoting your name and GOC number (if you are a first time caller) and the Reference number for the practice(s) which are of interest.

4. Arrange a viewing

If you would like to view one of our optician practices, please contact the practice sales team and we will liaise with the vendor to arrange a mutually convenient time.

5. Request to see accounts (sign confidential agreement)

Prior to releasing accounts we require potential buyers to sign a Confidentiality Agreement. This has a processing fee of £15 plus VAT and is valid for six months. It will be refunded if you purchase a practice via MLR.

6. Sort out funding

Before making an offer, if funding is required it is important to receive at least an agreement in principle from the bank. The bank will require information on the practice and will need to see the last 3 years accounts for the business. For advice please contact your consultant at MLR.

7. Make an offer on practice

Formal offers should be made via Myers La Roche who will then communicate this to the vendor.

8. Offer may be accepted

If your offer is accepted and basic terms agreed the practice will be withdrawn from the market and your consultant will clarify what information is required from yourself and what you need to do next.

9. Instruct a solicitor

You will need to instruct a solicitor to deal with the sale contract and property aspects. If required, we can provide details of recommended solicitors who have a wealth of experience in dealing with the sale of optical practices.

10. Due diligence

It is advised to perform due diligence as early as possible after the sale has been agreed. This will reduce the risk of wasted legal fees in the case of an aborted sale. Due diligence will typically be performed by an accountant and will act as reassurance that you are acquiring a business with no hidden surprises. If you require assistance with finding an accountant please contact MLR.

11. Survey if required

If you are concerned about dilapidations or are buying a freehold it is advised you appoint a surveyor at the earliest opportunity.

12. Arrange Insurance/VAT registration/PCT etc

Your consultant will provide you with a checklist of the main tasks to be performed prior to exchange and completion.

13. Exchange contracts

On exchange, the sale contracts are signed and the sale is legally binding. Exchange may occur prior to or in conjunction with the completion date.

14. Completion

Stock is usually valued on or just prior to completion. The monies are forwarded to the vendors/solicitors account and you now have the keys and are ready to go!

15. You are in control

Now you can start to practise.  Click here to superchrage your new business.

We currently have available for sal e in over 100 great locations. Call the Practice Sales Team now on 0161 929 8389 and let us help you to find your ideal practice.

 

15