Here are the frustrations we have heard from optometric practice buyers and sellers:
- I’ve spent too much time and aggravation with the search process.
- I’m not sure how to fairly value a practice or determine cash flow.
- I’ve found a match but don’t know what to do next.
- I feel disadvantaged as a buyer. I cannot afford representation and a due diligence support team.
- I am not confident I will get proper financing if referred to a lender by the seller's broker.
A need was identified (because this may be the first major financial deal that many of our alumni are entering into) that there is the potential for them to be taken advantage of in those practice transition deals - on both sides of the table. This may occur in several ways. One way is that the deal may not be transparent. A deal that is not transparent could involve undisclosed payments from banks to brokers. Some deals may be simply unfair to the seller or the buyer or both.
To address the need, the APME created the Practice Management Center (PMC). With the PMC, all deals are transparent. Both buyers and sellers are treated fairly. Perhaps most importantly, our alumni are dealing with practice management educators who are held to the highest ethical and business standards.
The primary purpose of the PMC is to provide consultation services facilitating the process of ownership transfer between a willing seller and a willing buyer with all aspects of the deal being both transparent and fair.
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