Selling A Practice

What will it cost me to sell my practice?

When you sell your business you will incur costs from several professionals:

  1. Myers La Roche

    The fee for selling a practice is 6% of the price that we achieve on completion of the sale. Members of the AOP or the AOI qualify for a discount of ½%. In addition, there is a refundable deposit of £200 (€300) which is used to offset the costs of disbursements, if any. This means that on a practice that we sell for £100,000, our fee will be £6,000. If we negotiate a price of £110,000 for the same practice, our fee increases to £6,600. If we don’t sell your practice then there is no charge.

  2. Your Solicitor

    You will need to instruct a solicitor who will advise on the sale contact, property matters and related issues. Your choice of a solicitor is 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.

    You should ask for an estimate before instructing a solicitor. Fee rates vary widely and the final cost will depend on the length of time taken by your lawyer. For budgetary purposes, allow £4,000 to £5,000 for a freehold practice and £5,000 to £6,000 for a leasehold practice. Please be aware that you will have to pay you solicitor a fee, even if your practice is not sold.

    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.

  3. Your Landlord's Solicitor

    You may have to pay part of your landlords solicitors’ costs for the reassignment of your lease. This cost may be met in whole or in part by your purchaser. Be aware that to may have to pay you this fee, even if your practice is not sold.

  4. Your Valuer

    You should consider having your practice professionally valued to help ensure that you achieve the appropriate price. We recommend that you use RA Valuation Services, the AOP's Valuation Partner. An RA 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 practice change hands at or about the valuation figure.

    The typical fee is £650 per practice and there is a discount for AOP members.

  5. Your Accountant

    You may need to ask your accountant to produce up to date figures to support the sale. You may also need to prepare final VAT returns and produce cessation accounts for the Inland Revenue. The fee is likely to be similar to the annual fee that your accountant charges.

    For budgetary purposes you should allow £3,000. Please be aware that you might have to pay your accountant a fee, even if your practice is not sold.

  6. Your Stocktaker

    If you cannot agree a stock figure with the purchaser, you may need to employ a professional stocktaker to value the stock immediately prior to completion of the sale.

    For budgetary purposes allow £1,000 for stocktaking, which should be shared with the purchaser ~ say, £500 each.

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