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Selling the Business Part II:Owner Finance

One of the ways I hope to supplement my income after my optometry practice is sold is to carry a portion of the sale as an owner finance. The buyer will put down 10% and pay off the balance over a ten year period. To some this may sound like a gigantic roll of the dice, but I am not much of a gambler, so why do I think this will work? This practice has been in existence since 1941. We live in a rural area, and while growth is inevitable, it is not likely that tons of new optometry office are going to open up. It would be unlikely to fold unless the new owner does something really stupid. The buyer has worked with me for the past two years. He knows what he is getting into and how business decisions have been made. I will still be there part time and, as per our agreement, will have access to financial records as long as I carry the loan. If things start going south, I will be able to help correct problems. If it does all go down the drain, I will take the busines back and start over again. While ...

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Selling the Business Part 1

This is the business I have owned for the past ten years, a private practice optometry office. It has provided income, friendships, learning experiences, and more than a headache or two. At the end of the year, it will no longer be mine. I am selling to my current associate doctor. The office is in a good financial position. Why would I give all this up? I still enjoy the eye care part of the business. Most days I feel like I do some good. The business management part of the deal is what I am really burned out on. It is a 24/7 job. No matter whose fault something is, the buck stops with me. I long for the job where I can show up, put in my best effort, and go home, not worrying about five million other things all night. (well, at least not five million work related things!) I have seen other people in my position keep going on until they become a complete burnout, hate patients, and despise going to work each day. I don’t want to become that, but I still have to earn a living. How am I going to do it? Well, ...

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Finding the Balance

I have been in my current business for twelve years, and I am ready to make some changes. I have owned a private optometry practice for the past ten years.  I am one of those people who always knew what they wanted to do. I finished my undergraduate work a year early so I could get into optometry school sooner. I assumed I would do this forever. I have not had multiple careers, reinvented myself, found my inner goddess, etc. Optometry school taught me how to be a good eye doctor, but nothing about running a business or managing money. My husband and I have seen our income grow, while, unfortunately, watching our debt rise as well. When you start making money after never having any, you feel like you deserve “stuff. ”  We have made some realy smart AND some really dumb financial decisions. I’m not sure if I am having a mid-life crisis. I don’t want to go buy a Corvette or  study yoga in India, but I have come to a point where I want to work less and spend more time with my family. I am not ready or able to give up my income though, ...

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