Buying and selling an Optical Practice
Like other types of healthcare business, there are many regulatory considerations when buying or selling an optical practice. If you’re buying it’s important to ascertain the reason for the sale, whether the business is financially viable and if there have been any breaches or compliance issues.
Our legal expertise can assist with all areas of the sale and purchase, and we can advise on relevant legislation such as Transfer of Undertakings (Protection of Employment) Regulations 2006 and the NHS General Ophthalmic Services Contract. Due diligence prior to the purchase should be robust enough to identify any potential issues, and to enable appropriate action.
For more information about our healthcare legal services please call us on +44 (0)20 3475 6751 or email email@example.com
What to consider when buying or selling an Optical Practice
Buying or selling an optician is a process which can be different each time, no matter how many you purchase or dispose of. The extent of the assets being included in the transaction, the contracts and the finances of the business mean that every optician has to be assessed on its own merits.
Factors to consider
Regardless whether you’re the buyer or the seller, there are certain key areas which are critical to properly consider before signing on the dotted line. These include:
- Outstanding finance. Is all the optical equipment fully paid for, or is there any outstanding finance which will need to be repaid from the proceeds of the sale?
- Due diligence will provide a depth of information but don’t forget to include the contracts of the staff. You should check whether all employment laws have been properly met and that the business has fulfilled all of its statutory obligations.
- What is the status of any locum opticians? If the business has been relying on self-employed, locum opticians for a considerable time, care may need to be taken over their future position. If they are found to have been in disguised employment, they may be able to bring a case to tribunal for unfair dismissal.
- Any changes to the employment terms of the staff will have to be considered in line with the Transfer of Undertakings (Protection of Employment) Regulations 2006. The seller will need to consult with the staff in advance of the sale if there are plans to change their working contracts.
- If the optician provides NHS services, there may be a General Ophthalmic Services Contract. The seller will want to know how long it will take the buyer to obtain their own contract with the NHS, and how patients will be treated in any interim period.
Get expert help
We have many years of experience facilitating the buying and selling of opticians, and can assist things to run smoothly and efficiently. From carrying out the due diligence to setting up the sale contract, we have the professional expertise to conclude the transaction as quickly as possible.
YOUR HEALTHCARE LEGAL TEAM
t: +44 020 3475 2729
m: +44 07377 190 406
t: +44 020 3475 2724
m: +44 07931 347 854
We have completed £750m worth of pharmacy, dental, care home and nursery transactions.
WHY CARTER BOND
Unlike many law firms when we say partner or barrister led, we mean partner or barrister led. When clients work with us, they get constant access to the lead on their instruction. Yes, we have a team of solicitors and juniors for some of the groundwork and necessary research required by our clients, but this is when it makes financial sense to the client for us to do this. We provide constant contact at no extra cost as part of our service as most of our lawyers have their own business, so they know first-hand how important having a proactive, responsible and trusted partner on their side can be. And also how to work to a financial budget, and the way that legal decisions impact the wider organisation, which often requires balancing risks and competing interests.
Many ask us ‘what’s different about you?’ and we like to reply, ‘because we go the extra mile’. We see our work as building and maintaining good business relationships rather than just earning fees. How we do this is by keeping in constant contact with our clients and intermediaries. From pre to post instruction we ensure that our clients are informed of all legal issues that may impact their business and therefore lives. That is why we provide daily or weekly updates to ALL of our clients whether there is anything to tell them or not (we don’t charge for this we just see it as part of our service). We like our clients to rest peacefully knowing that when we are instructed, and we say ‘we will take it from here’ they know we mean it.
City quality, outer City fees
The world is changing, and many individuals are realising that lifestyle is as vital to them as is income. We are the lucky ones who can hand pick lawyers who can provide the best quality advice but at outer city costs. Our offices are in North West London which may not be the most salubrious in the market but at the same time this allows us to charge our clients for what they pay for, our advice NOT our office space.
ALL our lawyers have previously worked in large city-based law firms and continue to practise and offer the same high level service they provided to clients in the City but without the pressure and demands often dictated by City law firm. This allows us to be competitive on our fees without compromising our service.
All in all, our clients win, which is the way we like it.
Our knowledge and resources are yours
All our clients benefit from the same high level of care and attention whether the instruction is big or small. At the outset of each matter, we discuss the entire process with our clients, including the costs, potential outcomes and issues associated. This is to ensure clients are fully aware, knowledgeable and are in control always. Supporting and ensuring we provide the highest level of services, we offer our constant contact process with the partner or barrister leading your file, a document log in for matters which are for larger and more complicated instructions and on-going support post transaction should our clients require it. Our aim is not just to get the work done, but to make our clients’ lives easier as we do it, which is why we ensure that our clients have regular access to the resources they need from us.
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“From buying a chemist, selling a chemist, and buying properties, they have always given five star service.”
“Very diligent and responsive.”
“This is a firm that walks with you and holds your hand all through the process. Get an answer to any queries at anytime!”
“Their knowledge about the pharmacy market was profoundly demonstrated.”
“Incredibly well sourced.”
“Great work by Reena and her team to turn around a dental practice purchase in 7 days under challenging circumstances.”
“The team at Carter Bond operate ethically, efficiently and they work around the clock to make your goals, their goals.”
The best way to prepare for the sale of your business is to be well informed: this will allow you to take the necessary steps to get the highest possible sale price for your business. With this in mind, our experienced solicitors have compiled an overview of the key points to consider when preparing to sell your business.
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