Stock photo of a close-up human eye

Optometric Practice W968

Map image of North Central Kansas
North Central Kansas
Status: Sold

Operating in two Central Kansas locations, this quality optometric practice has demonstrated a long history of success and is incorporated as a professional partner corporation (P.A). Both partners, are certified by post-graduate boards of optometry ensuring that the doctors are able to offer a comprehensive service with the latest eye health care, technologies and treatments. Their practice has been providing full scope independent Primary Eye Health Care services including a full range of medical services as well as full optical services for more than 35 years at both locations. The owners both wish to retire in the next 2 to 3 years and are enthusiastic about staying on to ensure a successful transition. The practice is well respected in the Central Kansas communities it serves as evidenced by the high return rate of its patient clientele and has an excellent reputation with local physicians, hospitals, schools and nurses in the area as demonstrated by the constant level of referrals that they receive. Care services include; acute care, chronic care, spectacle and contact lens dispensary, emergency attendance and limited visual therapy. Specific services they offer include; comprehensive eye examinations for all ages, eyewear designing and dispensing, contact lens fitting and follow-up, evaluation and treatment of chronic eye diseases, learning-related vision problems and binocular vision conditions, red eye evaluations and detection of systematic diseases, imaging and specialized high technology testing, visual rehabilitation for patients with special needs and stress-related visual problems, Laser vision correction (LASIK) consultation and sports vision correction and/or improvement. Besides the two doctors, the practice currently employs 2 full-time optometric technicians, 4 optometric assistants and 2 office/insurance managers. The sale would include all of the assets, equipment, supplies and a well-established patient list. The real estate and facilities are owned by the owners via a separate legal entity who would prefer that these assets transfer with the business. Inside each office you will find a receptionist area and waiting room, multiple fully equipped lanes, a doctor's office, staff lounge / business office, lab and testing room, a restroom, storage area, and a dispensary. There is opportunity for continued growth as the doctors near retirement as revenue has grown by a compound annual growth rate (CAGR) of about 2.5% over the past 6 years. Currently the practice delivers approximately $1M in gross revenues (2013/4). Net profit / income to the business is between $80K and $150K, representing a profit margin of more than 9%. Annual discretionary cash flow earnings to a single new owner, i.e. adjusted EBITDA, is estimated to be more than $400K (before any new owner compensation / remuneration), sufficient for this new outright owner to service any debt financing. The estimated value range from operations of the entire practice is between $630K and $936K (excluding cash, receivables, inventory, liabilities and facilities). Therefore, a 50% buy-in for a new partner would be between $315K and $468K.