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TWO PRACTICE-BUYING SCENARIOS THAT HAD O.D.S SCRATCHING THEIR HEADS

ALAN GLAZIER, O.D., F.A.A.O.

BUYING A practice is arguably the second most expensive purchase you will ever make, behind purchasing your first home. It is also equal parts exciting and stressful.

THE BARTERING SELLER

One “ODs on Facebook” member wrote that she purchased a practice from a retiring O.D., with the understanding he would continue seeing patients for a period of transition. The problem: Unbeknownst to the buyer, the seller established a barter arrangement with the entire family of the individual who winterizes the practice’s sprinkler system. The wife of this individual presented for her annual comprehensive exam with the retiring O.D., chose high-end frames and expressed outrage at having to pay her bill at checkout. The practice buyer’s receptionist explained the practice was under new ownership, but the patient left without paying anything. The poster asked, “what is the best way to handle this in the future?”

This post received 25 likes and more than 100 replies. Examples of replies:

• “ . . . Talk with the previous owner to get [a] list of barter arrangements. Talk with each of those business owners to come to an agreeable arrangement for each. The goodwill continuing may be valuable.”

• “ . . . I would have him [the seller] take responsibility for informing all people about his sale of the practice and termination of their bartering. I, personally, would write a note to the family that you are sorry the seller did not disclose his sale and since you are the new owner, you will not honor any verbal agreements you were unaware of . . .”

• “Call the family and apologize that you didn’t know about the said agreement. Comp this exam for this year, but let them know any future discounts will need to be discussed with you, the new owner. Let them know you would love to keep them as patients and hope you can work something out in the future.”

LAST-MINUTE COLD SHOULDER

Another member of “ODs on Facebook” posted that she was in talks to buy a practice (examining the new lease with the landlord, tying loose ends with her bank, etc.) when the seller emailed her at 1:30am to say he was going with a previous interested party, who had backed out of the purchase but now had the funds to pay the seller in cash. The poster wrote that this was “shady a** maneuvering.”

This post received 15 likes and more than 40 comments. Examples of comments:

• “You don’t want to work with someone like that anyway. . . Where is the human decency in that?”

• “If you want the practice very badly, maybe some money will change his mind. . . Shady nonetheless . . .”

• “When I bought my practice, the owner and I signed a Letter of Intent. Next time, I would be happy to share a copy of it with you so that you can protect yourself from this happening again. Just PM me. (And I would just chalk it [the missed opportunity] up as a hard lesson learned — which definitely sucks.).” OM

DR. GLAZIER is founder of Shady Grove Eye and Vision Care, a five-doctor medical-model practice in the Rockville, Md. suburbs of Washington DC. He is an author, inventor, industry consultant and frequent lecturer on ocular disease and Internet marketing. He can be reached at aglazier@youreyesite.com. Be sure to follow him on Twitter @EyeInfo or PM him on Facebook.