Who pays Myers La Roche?
We are normally paid by the vendor from the proceeds of the sale of the optical practice. Our fee is 6.25% of the transfer price on completion of the sale. There is a discount for AOI members of 0.5%. A further discount of 0.25% is provided if our fees are paid by electronic transfer on the day of completion.
If you are thinking of selling an optical practice, please contact our Practice Sales Team on 0044 161 929 8389 for an information pack.
On occasions we are instructed by the purchaser to find a practice. In this case the prospective purchaser pays our fee of 6.25%.
As a prospective purchaser, do I pay anything?
Yes. There is an administration charge of €18.00 (No VAT) for processing the Confidentiality Agreement which you will need to sign if you would like to receive copies of accounts, leases etc. Your confidentiality agreement lasts for 12 months and covers an unlimited number of practices. If you are a member of the Gold Club, your confidentiality agreement lasts for 24 months. When you buy a practice through Myers La Roche, the administration charge will be refunded.
You will also have to pay a charge to your bank for providing a reference later on during the sale process. This will be in the region of €20 per reference but with some Internet banks, the charge can be as high as €50.
Now I have registered, what are my rights?
When you place your requirements on the Purchaser Register you need to be aware that this is a computer database. This database contains information about where we can contact you, and where you would like to buy a practice. You have the right at anytime to know what information we hold about you.
We are registered in the UK under the Data Protection Act 1998. For more information about data protection visit the Information Commissioners' Office website.
What are the Business Details?
The business details will have been compiled to provide an outline of the practices for sale. We do not reveal the practice identity to protect the integrity of the business, the vendor and the practice staff during the sale process. Contrary to popular belief it is not to protect our fee. We have an exclusive contract with the vendor which means that our fee is guaranteed for any sale, even if the initial contact is not directly through us.
If you would like more details about a practice, telephone our Practice Sales Team on 0044 161 929 8389.
What happens if confidentiality is breached?
The practice information is highly privileged and you must not divulge it to any third party or treat it recklessly. For example, visiting the practice without an appointment, writing to or telephoning the staff is considered as a breach of confidentiality. Breaches of confidentiality will result in termination of our services and may result in civil action in the Court Service of Ireland or by the Bord na Radharcmhastóirí,
What is the Client Protection Register?
The 'Client Protection Register' contains the details of persons or firms who have acted unprofessionally, irresponsibly or recklessly with confidential client information or who have submitted bogus offers. It may also contain details of persons who are a poor credit risk, those with notifiable criminal or civil convictions and those on the UK Sex Offenders Register or those registered as sex offenders in Ireland by the Gardaí.
We reserve the right to refuse to pass information to, or deal with, persons on the Client Protection Register.
If you believe that your details appear on the Client Protection Register you may ask for an explanation by writing to:
The Data Controller
Myers La Roche
1 Lloyd Square
Altrincham
WA14 2RL United Kingdom
Please enclose a cheque for €65.00 made payable to Myers La Roche, to cover the processing fee.
What happens when there is an optical practice for sale in my area?
When a practice comes on to the market and it matches the area you have indicated, you will automatically receive an email alerting you to the new practice on the market. You can improve your chances of matching with a practice by making sure that when you register you provide your full name (as provided to the Opticians' Board or GOC, if appropriate), your full address including postcode (UK only), your contact telephone number and your qualifications.
You can then log onto the site and access the Business Details.
How do you value an optical practice?
Contrary to popular opinion, the value of a practice is unconnected to sales turnover. It is a function of the adjusted net profit (EBITDA) and other factors. In our experience, most practices change hands, at, or about the asking figure. There may be some scope for negotiation if, for example, you can complete a sale very quickly.
How do I arrange to see the practice?
If you are interested in a practice from the Business Details or perhaps from a discussion with a member of the Practice Sales Team, you can request a viewing through the website or by telephoning 0044 161 929 8389.
The Practice Sales Team will then endeavour to arrange a convenient time for you to view the practice and will contact you by either phone or email with the details. At this point we will reveal the location and name of the practice .This initial meeting is often held out of practice hours to minimise disruption and maintain confidentiality.
How do I get more information & make an offer?
After your visit, you will have a good understanding of the business and an outline of the financial information. You may then wish to view a copy of the accounts, the valuation certificate and/or the lease. You will need to sign a Confidentiality Agreement before these are released. There is an administration charge of €18 for processing a Confidentiality Agreement. The agreement lasts for twelve months and covers an unlimited number of practices. If you buy any practice through Myers La Roche, the administration charge will be refunded.
If you would like to make an offer on a practice, we ask that any offer be made through Myers La Roche rather than direct with the vendor to avoid any misunderstandings and the possibility of disappointment. We will be able to help you and the vendor to reach an understanding.
What happens when my offer is accepted?
If the vendor accepts your offer, we will introduce your solicitor to the vendor's solicitor. Your offer is, of course, subject to 'due diligence' - having sight of the trading accounts, the lease and the independent practice valuation certificate, if available. You may want to commission your own survey of the property or a further valuation of the business.
We will ask you to provide 'proof of finance', some references and we ask your current bank to provide a Status Report for which they will charge between €20 to €50..
At this stage no further offers will be introduced unless you withdraw your offer. This measure prevents a "race for contracts" situation and avoids the possibility of your offer being "gazumped". We will continue to liaise with you, the vendor, the landlords and the respective solicitors until the matter is brought to a conclusion.
How much money can I borrow to buy an optical practice?
We can introduce you to specialist lenders who are particularly interested in financing the purchase of optician's practices at rates that are considerably better than on the High Street. As a guide, you may be expected to put up 25% of the loan amount in cash or equity. Please remember that your home may be at risk if you secure your practice against it. Offers of finance are subject to status and the lenders' terms.
How do I choose a solicitor?
Your choice of a solicitor is absolutely critical. You need a practitioner who is experienced in contract law, property law and, perhaps, landlord & tenant law. The wrong choice will result in delays and increase your costs.. Ask us for a recommendation.
Once my offer is accepted, how long will the paperwork take?
In Ireland the average time taken from acceptance to completion is16 weeks. The fastest sale took three weeks and the longest took 68 weeks. It will take less time if you organise your finances, your referees respond quickly and your solicitor is on the ball. As a rule, freehold sales and sales where the vendor is also the landlord are quicker than leasehold sales.
What do Myers La Roche do whilst the sale progresses?
Our Practice Sales Team constantly liaise with all the parties to ensure that you exchange contacts and complete the sale. The interested parties include you - the purchaser, the vendor, the landlord, the various solicitors, the accountants, the agents, the lenders, your referees and statutory bodies. We are uniquely placed to iron out the problems and issues that will arise during the purchase process.
Once my purchase is complete, how can Myers La Roche help?
Our marketing team specialise in marketing support for independent opticians and can provide a wide range of practical assistance from advertising campaigns to stationery, leaflets and brochures. We can design and develop your new corporate image and arrange for your signs to be written. If required, we can even help you refit a practice. We also offer a complete Practice Health Check programme which will identify the strengths and weakness of your new practice, so that you can build for the future and develop your optical business.