How to sell an optometry practice
1. Call MLR for initial discussion
This discussion is confidential and you will talk to a specialist sales consultant who will be able to inform you of how the current market is performing.
2. MLR will send out an information pack
This information pack outline how MLR can help you and is normally sent to your home address (unless otherwise stated) for confidentiality. One of our consultants will contact you (if requested) to discuss any of your initial thoughts.
3. Once you have decided to go ahead, return the instruction form
This is a formal instruction from you which allows us to market the practice.
4. Provide MLR with information to allow us to market your practice
Once MLR receive your instructions to sell we will require 3 years formal accounts, (Accounts are required to allow the bank to agree funding with a purchaser, a sale can/will be stalled with out the latest information) a copy of your lease, photographs of your practice and a MLR pre-sales questionnaire. This allows us to get an insight into you practice and place a realistic selling price on your optometry practice. Once MLR receive this information we will create business details for your practice.
5. Approve draft business details and agree price
Once we have completed your business details we will forward these to you for your approval before marketing the business.
6. MLR will start marketing your practice by approaching Gold Club members
Your MLR consultant will contact Gold Club members who are interested in buying in you area. Gold Club members are people who have shown an interest in buying a business, signed a confidentiality agreement, paid an annual fee and forwarded a credit to MLR.
7. MLR will add details to the website
Once the Gold Club members have seen the business details MLR will then add your business details to the MLR website (with your permission). The practice identity will still be kept confidential. The website allows access to several thousands of people who have shown interest in buying a practice. Once your business details have been up loaded to the website an email will be sent out to alert people a new practice is on the market.
8. Arrange viewings for you
Your MLR consultant will speak to the interested party and gather a number of days and times when they are available. The consultant will then contact you and try to fit the viewing around you. Most viewings can be carried out after office hours to keep the sale confidential.
9. MLR will notify you of any interest and offers
Your consultant will keep in close contact with the interested party and keep you updated of any further interest shown or offers made. Sometimes purchasers require more information (VAT returns etc) to allow them to offer on the business.
10. Agree sale
Once MLR has forwarded the offers to you and you have agreed which party you would like to go forward with, MLR will gather all the information from you and the purchaser which will allow us to instruct the solicitors.
11. Instruct solicitors
Once a sale is agreed MLR will send all the details to both solicitors. The solicitor of your choice will then produce a sales contract and forward this to the purchasers solicitor. Throughout the sale the purchaser is likely to require access to the practice to carry out a survey on the building, and Due-diligence on the business. MLR are the only people who can contact all parties involved in the sale, can help keep your legal costs down and your length of business transfer as short as possible.