Selling A Practice

What do Myers La Roche do to earn their fee?

There is a lot more to making a sale happen than simply finding a purchaser. In fact, there is more for us to do after we agree a sale than beforehand!

One of the key issues is that are many parties involved in the transfer, often with conflicting objectives:

  1. The Vendor, their family and, perhaps, business partners
  2. The Purchaser, their family and also, perhaps, business partners
  3. The Landlord
  4. The Solicitor acting for the vendor
  5. The Solicitor acting for the purchaser
  6. The Solicitor acting for the landlord
  7. The Accountant acting for the vendor
  8. The Accountant acting for the purchaser
  9. The Bank or Lender providing finance
  10. The Broker who arranges finance
  11. The Local Authority for searches and consents
  12. The Customs and Excise for VAT issues
  13. The Inland Revenue for cessation accounts
  14. The Statutory Bodies such as PCT, GOC, Data Protection Registrar, Freedom of Information Registrar, Health & Safety Executive, Trading Standards....

The list seems endless! Our role in the transfer is pivotal, coordinating the various parties and making sure that your sale proceeds.

Here is an outline of the steps that we take to transfer a practice from vendor to purchaser:

  1. Provide a detailed Information Pack to the vendor which explains our methodology, terms of business, and fees.
  2. Take Instructions from the vendor.
  3. Collect all the relevant data about the practice to ensure that we can provide reliable, accurate information to prospective purchasers.
  4. Carryout a Catchment Area Search to determine socio-economic and demographic profile
  5. Arrange for a Practice Valuation.
  6. Agree Asking Price for the practice / property (lease or freehold) with the vendor.
  7. Prepare the Draft Business Details for approval by the vendor.
  8. Place Business Details on the Myers La Roche Website.
  9. Cross-check approved Business Details with the Waiting List for a prima-facie match and make contact as appropriate.
  10. Carry out a Geographic Search of the catchment area surrounding vendor's practice for opticians and optometrists who are on the GOC register and make contact as appropriate.
  11. If necessary, and with vendor approval, Advertise in the Optical Press.
  12. From whichever source (8, 9, 10 or 11), Discuss the opportunity with the prospective purchasers but without revealing the vendor's name or confidential commercial details.
  13. Check that any prospective purchasers are not on the Client Protection Register ('blacklist').
  14. Liaise between vendor and prospective purchaser to Arrange a Suitable Date and Time to view the practice.
  15. After the viewing, discuss matter with the vendor and prospect to Ascertain Interest.
  16. Arrange for prospect to sign a Confidentiality Agreement.
  17. Provide Additional Information to the prospective purchaser.
  18. Discuss the Opportunity with the prospective purchaser, their advisors and their lenders
  19. Continue Marketing Process, until one or more offers are received
  20. Negotiate with prospective purchasers to ensure that the Best Offer is achieved from each, in terms of price, terms and potential to complete
  21. Advise vendor on the suitability of bids and, if possible, assist in Ranking offers in order of confidence
  22. Inform successful bidder and Confirm that they will proceed
  23. Keep the Unsuccessful Prospective Purchasers on File as a contingency
  24. Remove the practice from the Open Market List to help maintain confidentiality.
  25. Draw up a Memorandum of Understanding between vendor and purchaser to which both parties agree.
  26. Instruct and introduce Solicitors for all parties.
  27. Introduce purchaser to Sources of Finance.
  28. Take up References on behalf of the purchaser from banks and personal referees.
  29. Liaise between vendor, purchaser, solicitors, landlords, brokers, accountants and lenders to ensure that sale proceeds towards a Satisfactory Conclusion.
  30. Assist with Due Diligence, if necessary.
  31. Assist with Stock Valuation, if necessary.
  32. In case of difficulty with progress of sale, advise vendor and introduce Additional Purchasers, and repeat stages 25 to 31.
  33. Assist vendors and purchasers with Communication with Patients, if required.
  34. Provide a Free 12 Month Subscription to the Optic2000 Club for the new owner to get them off to a flying start.

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