How to buy or start your first practice on the next Power Hour

Total votes: 295

It’s been said that buying a house is the single biggest decision you’ll ever make . . . unless of course you’re buying a practice or starting your own.  Tune in to this episode of the Power Hour when Gary discusses his unique consultant’s view on how to stack the deck in your favor to ensure your success.

Topics include everything from choosing a name, dispelling the “location, location, location” myth, ways to save on rent and inventory, secrets to getting great staff and a list of other very important decisions you’ll need to make early on.

Listen to the Show with iTunes
Date: Wednesday, December 16, 2015

Comments

Maybe you can use this as an example during your show.

I'm at a cross roads in regards to my career... I'm currently working in retail grossing over 140k with little overhead. However I feel like I've grown the practice as much as I can within the limits of working 7 days a week. I've been researching options regarding purchasing a practice vs starting cold my options are outlined below.

Purchase- I have an opportunity to purchase a practice that grosses over 900k with 6 employees and nets around 130k before my income.. the town has a population of around 14,000 with 3 optometrist and the purchase price around 65% of gross revenue.

Opening cold- My second option is to open cold in a town of about 2,500 and I could fill in a nearby town if needed... cost are much lower and I could get rolling for around 60k.

My question is what makes more sense from a business standpoint. Does a population of 2,500 justify an optometrist? I know its difficult to know without getting details but from a 30,000 ft level which one would you go with?

Thanks
Spencer

Hi Gary,
This is the first episode that I've listened to and it was great timing. I'm currently exploring options to open a practice and would to hear a "Part 2" on one of your next episodes. Great material and thanks for this episode.
Thanks

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