1. Register on the Myers La Roche website
Go to Myers La Roche and register as a new user. This will give you access to a list of practices available for sale.
2. Search for practices
You can search through the website for practices at any time and you will also receive emails from Myers La Roche when new practices become available in your chosen areas.
3. Telephone Myers La Roche for more details
Telephone 0044 161 929 8389 to discuss your interests with a member of the Practice Sales Team.
You will be asked for you name and Bord na Radharcmhastóirí registration number. Other security questions may also be asked but we will never ask for your password or log-in details. Telephone calls are recorded for quality and training purposes.
Have the reference number of the practices in which you are interested ready. This will enable us to direct your telephone call to the relevant member of the Practice Sales team.
4. Arrange a viewing
If you would like to view one of our opticians' practices, we will liaise with the vendor to arrange a mutually convenient time.
5. Sign confidential agreement
Prior to releasing accounts we require potential buyers to sign a legally binding Confidentiality Agreement. This has a processing fee of €18 (No VAT) and is valid for twelve months. For members of the Gold Club, the confidentiality agreement lasts for 24 months. The fee will be refunded when you purchase your practice through Myers La Roche.
6. Sort out funding
Before making an offer you will need to work out how you will pay for the practice. If external funding is required, you will need to receive an 'agreement in principle' from your bank or lender. Banks will require information on the practice and will need to have sight of the last 2 years financial statements (the 'accounts') for the business. Your consultant at Myers La Roche will provide these.
7. Make an offer on practice
When you are ready, offers should be made to your consultant at Myers La Roche who will then communicate this to the vendor. This avoids misunderstandings, particularly if your offer is lower than the price guide.
8. Offer may be accepted
If your offer is accepted and basic terms agreed the practice will be withdrawn from the market and your consultant will clarify what information is required from yourself and what you need to do next. You may be required to pay a non-refundable deposit at this point.
9. Instruct a solicitor
You will need to instruct a solicitor to deal with the sale contract and property aspects. If you are buying a practice in Ireland, you will need a solicitor based in Ireland. If you are buying in Northern Ireland or elsewhere in Europe, you will need to instruct a lawyer in that country. If required, we can provide details of recommended solicitors who have a wealth of experience in dealing with the sale of optical practices.
10. Instruct an accountant
It is advised to perform due diligence as soon as possible after the sale has been agreed. This will reduce the risk of wasted legal fees in the case of an aborted sale. Due diligence will typically be performed by an accountant and will act as reassurance that you are acquiring a business with no hidden surprises. If you require assistance with finding an accountant who is familiar with opticians' practices, pleased discuss the options with you consultant.
11. Instruct a surveyor
If you are concerned about dilapidations or are buying a freehold, you will need to appoint a surveyor as soon as possible.
12. Sort out the 'red tape'
Your consultant will advise you of the main tasks that you will need to resolve prior to exchange of contracts.
13. Exchange contracts
On exchange, the sale contracts are signed and the sale is legally binding. Exchange may occur prior to or in conjunction with the completion date.
14. Stock
Stock is usually valued on or just prior to legal completion of the practice sale. It may be valued at the figure shown on the balance sheet but the inventory should be valued at the price paid or its net realisable value. In Ireland, stock under 12 months old is worth the figure given on the associated invoice. Inventory that is between 12 month and 24 months old is worth 50% of the price paid by the current owner. Stock over 24 months old is valued at zero.
15. Completion
On the day of completion, the monies are forwarded to the vendors solicitors account and in exchange you are given the keys and you are ready to go!
16. Building your new practice
Myers La Roche has a wide range of practice development products that will help you get your new business off to a flying start. Check out MAKING YOUR BUSINESS MORE PROFITABLE or log onto our online shop.
Call the Practice Sales Team now on 0044 161 929 8389 and let us help you to find your ideal practice.