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Psst. Wanna Buy a Practice?

on April 25th, 2005 | Filed under Optoblog

I saw a listing for a practice that said the selling doctor “wishes to continue P/T 3 days per week as employee.”
What the …?
If the practice is in such a nice location and financially desirable to buy, then why would he sell it if he just wants to stay there? Wouldn’t he make more money as an owner than an employee? It doesn’t make any sense that the new owner should have to put up all the risk in buying a practice then contractually hire someone who may not be needed and whom one may not be able to get along with.
I think hiring the previous owner should be an option initiated by the buyer, not mandated by the seller. My $.02


3 Responses to “Psst. Wanna Buy a Practice?”

  1. Bethany says:

    The amount of work and level of responsibility/stress that goes into owning a practice is staggering. I love my practice, and love my patients… but there are many days (yesterday being one of them) where I wish I could give up all of the crap that goes along with being a small business owner, and just relax, see my patients, and collect a guaranteed paycheck at the end of the day. I wouldn’t want to be the buyer on this one… hard to assert your style and be the boss when the previous owner is around 3 days a week… but who knows… maybe they’ll find the right match.

  2. thomas says:

    I totally agree with Bethany on this. I am not an optometrist but a dentist. Eventhough we are practicing differently, the same tracks and the same business environment are part of being an owner. I myself had the same experience, where the previous owner is still around for 3 days of the week, which made it harder for the transitions. I think 3 months after the purchase, the previous owner should leave. Transitions specialists are not dentists or optometrists but brokers. Therefore, their ideas about practice is from looking at numbers, and talking to people. You have to be those ownership shoes to understand.

  3. Dr. Thomas (from New York?), I totally agree with you.