Peterborough Optometry Practice - REF. #1582
$750,000 CAD
Appraised price - practice: $756,992
Asking price - Real Estate: $750,000
REF#. : #1582
Available: 10/11/2023
Province: Ontario
Type: Optometry Practice
Region: Peterborough
SQFT: ~1,355 sq ft
Gross Rev: $948,879
Owner EBITDA: $436,279
Status: Unconditionally Sold
Welcome to our exclusive presentation of this well-established optometry practice in the City of Peterborough. The practice is located in a mixed-use working-class neighbourhood which includes light commercial, retail, residential homes, and rental units. The premise was converted into a medical building in 1988. Other tenants include a dentist, family doctors, a sports injury clinic, and a pharmacy. The building has a large parking lot with ample parking for patients and staff.
Originally established in 1991, this is a full scope practice. In addition to dispensing of eyewear and contact lenses, the practice has minor specialties in myopia management, dry eye management, and refractive surgery co-management. The practice was last renovated in 2010 with new floors, countertops, sink, furniture, lighting, cabinetry, and finishes throughout.
Previously a cost sharing arrangement between two optometrists, the partners incorporated in 2022 with each doctor owing 50% of the shares of the new Professional Corp. Both partners intend to retire but one of the partners would be willing to work as an Associate for 3 days a week for up to 2 years.
This is an easy to manage practice with one part-time Associate and 5 full-time employees. The practice currently operates from Monday to Friday with no evening hours. Dispensing currently accounts for approximately 51% of Total Gross Revenue using the Dispensing Sales model.
The subject Practice has a long history of reliable revenue and cash-flow. Approximately 34 new patients visit the practice each month. The Recall program is robust and managed through the practice’s management software program. Patients are encouraged to pre-book their next appointment at the end of each visit.
You will benefit from a comfortable, modern facility in a well-established neighbourhood. The premise is well designed with a spacious dispensary located next to the waiting area. The pre-testing area is located behind reception along with an imaging room, 2 exam lanes, visual field room, and a contact lens area. A patient bathroom is located in the building’s common area. The practice rents separate office space in the building that includes a staff
bathroom, staff lunchroom, and storage space.
Business Highlights
· Long standing practice
· 34 new patients per month, on average
· Dispensing accounts for approximately 51% of Gross Revenues on Dispensing Sales Model
· One owner is willing to stay on for 3 days a week for up to 2 years.
· Opportunity to increase Revenue by adding evening and weekend hours
· Easy to manage, turnkey operation.
· Private and confidential practice viewings will begin on Dec. 2, 2023.
The full appraisal package is ready and will be sent to interested parties who sign a Confidentiality Agreement.
To discuss this practice in greater detail, and to book your private and confidential appointment to view this great opportunity, please contact Irv Handler at 647-286-5839 or irv@mbcbrokerage.ca.
