Ref# 4816
Eastern Ontario
ROI Corporation is pleased to present an opportunity to own an amazing practice in a charming Eastern Ontario town. The town is one of the fastest growing in Ontario and has been underserviced for many years. Owning such a business presents a purchaser with tremendous benefits – a strong sense of community and camaraderie, significantly lower living costs and the avoidance of the hustle and bustle of urban life. The larger market area adds significantly to the total market as rural people are inclined to travel for health services.
Health surprises have caused the owner to reluctantly consider early retirement. Covid changes forced the opening of the practice in December 2020 and business has grown exponentially. The dispensary is open approximately 45 hours per week. In addition to our client, an optician, there is an optometrist who works 2 days per week, a full-time frame consultant and a part time optometric assistant/frame consultant. The OD is an independent contractor and the part-time assistant does all pretests/visual fields. Both are amenable to staying for the new owner.
The store attracts over 150 new patients per month, thus attributing to the significant growth since opening its doors. The OD is booked every 20 minutes and the practice has recorded over 1,700 patients on i-File records. Patients can book appointments through the business website 24 hours a day. Accounts receivable are less than $1,000 as patients pay at time of service. The optician practice attracts 5-10 sales per week from other ODs because of product lines, location and in-store service.
The location of the store is well situated on a corner intersection in the main commercial area of the town. Housed in a beautiful heritage building, the landlord has provided a 5-year term ending 2025 with a further renewal available.
There are 3 exam rooms, pretest room, contact lens room, lab, and a large retail area. The practice imports unique products from all over the world and stocks a wide range of house brand single vision lenses. The practice is able to offer ‘while you wait’ service on many orders and the owner is willing to discuss sale of exclusive lens/frame lines.
Having an optometrist in the location daily would be very appreciated by the town and surrounding locale. The practice turns away many requests and sales as the OD is only available some days. There is a great opportunity to up sell multiple pairs and contact lenses through the exam room.
Highlights of this practice include:
- Exceptional growth (150+ new patients per month)
- Good lease with renewals and no demolition clause
- Strong cash earnings
- Well run business with careful attention to operations
- Nominal A/R, minimal ODSP, OW billed day of service, payment direct deposit within 30 days
- Complete renovations 2021, new carpet, new walls, new electrical.
- All exam rooms hardwired for computers, 5 new sinks on main floor, two washrooms in the basement, 3 entrances allow ease of various wheelchair accessibility
- Essilor Viso-Office, Briot Attitude edger, Nidek phoropter, autorefractor and retinal camera. Humpreys visual field.
Additional Purchaser/Advisor Information:
- A Practice Profile will be provided within 48 hours of your request
- Offers should be accompanied by a certified cheque payable to “ROI Corporation IN TRUST” equal to 10% of the offered price for the practice
- ROI Corporation will prepare all offers on our standard forms for your lawyer’s review
- Our client is ideally looking to close by mid-December