Nov. 22, 2017
Having ready access to key practice performance metrics is essential in any practice sale–and practices that regular track such metrics are more inclined to sell quickly and for a higher price, according to Peter Cass, OD, Michael Kling, OD, and Ali Khoshnevis, OD. In an ROB Roundtable, they advise sellers to actively track and improve basic metrics, and they caution buyers to closely examine such metrics in order to make a smart purchase decision at a fair price.
MAKE DATA-DRIVEN DECISIONS. Use metrics and benchmarks from a practice dashboard to assess performance and spot areas for improvement. Review your dashboard daily, and apply it in your ongoing practice growth plan.
SELLERS: SHOW THE NUMBERS. Show your dashboard of performance numbers to a potential buyer. Firm data gives you an edge over sellers who provide only tax returns and vague estimates. Be sales-ready.
BUYERS: WORK THE NUMBERS. Before a practice purchase, closely examine the performance numbers to forecast if the practice has room for growth and where. Set your offer accordingly, and negotiate sale price on a numbers basis.
Peter J. Cass, OD, is the owner of Beaumont Family Eye Care in Beaumont, Texas, and president of the Texas Optometric Association. To contact: pcassod@gmail.com
Michael A. Kling, OD, owns Invision Optometry in San Diego, Calif. To contact: dr.kling@invisioncare.com
Ali Khoshnevis OD, FAAO, is Manager, Consumer Facing Technologies at Rev360. To contact: akhoshnevis@rev-360.com
