Practice Acquisition & Start-Up Articles
Most vision care practices ultimately succeed – but inevitably, some new practice owners run into transition difficulties that require assertiveness to overcome. Whatever challenges you may face when transitioning to ownership, your practice can survive and thrive when you apply the lessons of leadership. Take a look at how other practice owners have used their leadership skills to overcome a difficult situation.
While today’s economic environment is certainly challenging, there are still a number of financing options available to optometrists. Whether you’re purchasing an existing practice or starting up a practice in a lease space, you most likely need financing that gives you maximum flexibility and resources to meet your immediate needs and ensure long-term success.
Are you forming or purchasing a practice? Are you planning to practice with another doctor? What entity form is appropriate and what do you need to know to select the right one?
If you have been dreaming of opening your own practice but never quite seem to get around to it, you’re in good company. The fear of failure is the single-most reason we spend more time dreaming about our new practice rather than laying the groundwork for getting the project up and running. In order to forge ahead in starting a practice, we first have to get over our fears.
If you are thinking about purchasing or buying into a practice, first consider these six key factors for determining purchase success:
So you’re ready to buy a vision care practice. Congratulations on taking this significant step in your career! But before you finalize your purchase, be sure to get a technically correct and professionally prepared practice appraisal as this can influence whether a deal is ultimately completed and you can get a loan.
If you read your journals, you get plenty of information on the state of the optometric industry today. As in most sectors of the economy, some of it is more than a little discouraging. The question, however, is: what does it all mean to me if I’m considering opening or purchasing a practice? When is the time to enter the world of practice ownership?
During your professional life, you will reach a number of crucial turning points that will shape your career path and financial future. Deciding whether to move from practicing as an associate to owning your own practice is one such turning point. Before making a decision, you’ll want to conduct careful research and give much consideration to the alternatives as each inherently entails its own advantages and challenges.
To successfully purchase or sell an optometric practice requires a certain amount of know-how. Most of all, successful buyers and sellers possess keen planning and organizational skills that ensure they are on the right path and asking the right questions. Do you possess the five key characteristics for successfully completing a vision care practice sale or purchase?
All practice financing is subject to credit approval. Business Refinance Program is for business term debt only. Revolving credit and existing Wells Fargo Practice Finance debt are not eligible for consolidation.
The articles and materials on the Wells Fargo Practice Finance Web site are provided for general information only and do not constitute, nor are they intended as, a substitute for consultation with accounting, tax, legal or other professional advisors. Wells Fargo makes no representation regarding the articles available in the Strategies for Success Library or the completeness or accuracy of the information contained therein. The articles and the information contained therein may be incomplete, may contain errors or may have become out of date. Wells Fargo makes no commitment, and disclaims any duty, to update any of the articles or materials in the Strategies for Success Library. The views expressed in the articles are those of the authors alone. They may or may not reflect the views or opinions of Wells Fargo.
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