Just looking a buying a practise, wondered if there was a formula for purchase price? Any hot tips on take over ? Problems to avoid ?
I'm new to Australia ! The business is in QLD, other than pod regs to abide to what other organisations or government laws do i need to check out &/or register with?
Like any commodity the rule is don't pay more than you have to. It is common for businesses to shed up to 50% of their turnover after change over. The only thing worth paying for is fixtures and any actual profit after wages are allowed for. Always a tough issue.
regards Phill
Hi Catherine,
Are you still looking at buying a practice?
My wife & I have been involved in both purchasing and selling Podiatry Practices.
When looking at buying a podiatry business there are many things to consider, to begin with assessing your own ability to run and manage a business is very important because if you have never done it before there is lots to learn.
Then comes the financial side of it.
How much are you willing to pay? How long will you be in the podiatry business?
How many hours per week do you want to work?
Will you be employing anyone else to work for you or to cover you when you are sick or want to take holidays? Who will do your marketing to attract and retain patients?
Do you need to have a receptionist, book keeper, practice manager, etc?
That's just the start, but owning and running a podiatry practice is very rewarding.
My wife started off as a sole practitioner over 10 years ago and now she has a very successful podiatry company Footprint Podiatry, Brighton SA.
She was working
just 2 days a week (before taking maternity leave 3 weeks ago), employs another pod and a receptionist and had six figure profits last year.
We took a holiday to Thailand and Fiji in 2008 and have 2 children under 2 years of age.
She probably owes some of her business success to my business(www.SmartPracticeSystems.com) who took her from a turnover of $43,000 a year 3 years ago to a turn over in excess of $275,000 last year (which was beyond her dreams 3 years ago and has resulted in our house being almost paid off and we have no personal debt now!).
If you want to talk with me more about how you can own a successful podiatry business and live the rich and fulfilling life you want and deserve just look me up via my web site or my wife's site.
Best of luck
Michael Shaw