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SW WA Solo Ophthalmology Practice:
BUSINESS SUMMARY:
This practice opened in the SW WA area almost 30 years ago. It was established as a general solo-practitioner clinic, and though in an expanded format today, remains a solo practice. Also included with the clinic is an adjoining optical shop which provides glasses, contact lenses, etc., the presence of which helps to meet most of the existing insurance plans as well.
Currently located in a professional office building with terrific visibility to major thoroughfare, the space itself contains approx. 1,300 square feet- 3 exam rooms (one currently being used for special testing and another for contact lens work), reception, main office, a lab space, and a small kitchen/file storage room. In addition to the selling doctor, the clinic has 2 additional full-time employees, 2 part-time employees, and one part-time bookkeeper who is classified as a sub-contractor. Both full-time employees have been with the clinic for over 10 years.
The practice services include routine eye exams, and both medical and surgical eye care. In the past, the routine eye exams have been conducted entirely by the selling doctor. The primary surgery is cataract surgery, which is performed at a local hospital; the current schedule is typically 2 Tuesday’s per month.
Emergency room coverage for the local hospitals is a requirement to be on the hospital staff and is done on a rotating basis with the other ophthalmologists in the area. This averages 3 days per month.
Minor eye injuries are frequently seen and treated in the office. These patients may include established clientele or those sent form urgent care facilities or other referral sources; and range in age from children to the elderly.
A variety of minor surgeries are also conducted in the office; mainly these procedures requiring local anesthesia rather than a full operating room setting.
Due to the profitability and the ‘medical model’, for any qualified buyer, this practice will be financeable by most lending institutions.
BUSINESS STRENGTHS:
~ Excellent reputation, 25+ year history
~ Well-established, loyal customer base
~ Long-term, knowledgeable employees
BUSINESS WEAKNESSES:
~ Equipment is extremely well cared for, but may not be considered the ‘latest’ in technology. (See Broker for complete list.)
REASON FOR SALE: Seller has practiced for almost 30 years and has reached the age of retirement.
SALES PRICE: $$429,000
FINANCIAL SUMMARY:
2005 2006 2007
Gross Sales: $589,000 $590,000 $ 592,000
Net Profit: 43,770 76,100 130,600
Recast Earnings: 181,700 176,000 103,200
Total Adjusted: 231,470 252,100 233,800
Additional information will be disclosed by Broker after completion, review & approval of the following:
Covenant of Confidentiality, Personal (or Business) Summary Financial Statement,
and possibly a Personal Resume.
Sorry, due to strict confidentiality issues there can be no exceptions.
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