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The hearing industry is ripe for audiologists to increase their presence in the market. With the move to advanced degrees and greater autonomy, audiologists can position themselves as primary health care professionals to individuals with hearing loss. Audiologists traditionally work in clinics, hospitals and physicians' offices-important delivery models for audiology care-but many audiologists are embracing autonomy with ownership of a private practice.
Entering the private-practice arena may begin by starting a business from scratch or purchasing an existing audiology or hearing-aid business. Although creating a new business has unique challenges and opportunities, the purchase or sale of an existing business is quite complicated-buyers and sellers have important responsibilities.
Buying a Business
The first step in your buying decision is to identify the type of business you'd like to own and which purchasing path you prefer-buying the practice of a departing owner, working with a buying group, or buying a franchise business-and then to target your search and identify specific business opportunities.
Many veteran private-practice clinicians have an eye toward retirement or exploration of other interests. Some may want to focus solely on providing clinical services. Taking a staff position in the practice of an owner considering retirement facilitates your learning about business management and operating a clinical practice. The discussion about the owner's intention-and yours-should take place during the interview process and include an acquisition time frame. The owner should have a plan including an anticipated departure date. The buyer should know when he or she may be ready to purchase the business. A novice clinician should consider a three- to five-year plan; a one- to three-year plan would be a good guideline for a more experienced clinician.
Another option is to work with "buying groups" that offer discounts on hearing aids/equipment and provide marketing/advertising and other business support. To learn more about buying groups, ask your colleagues or explore professional periodicals and other audiology and hearing aid resources. Buying groups can be very helpful in navigating the purchase or sale of a business. Some groups help owners prepare their business for sale and match prospective buyers and sellers. Financing guidance is often provided. Additionally, the groups offer ongoing business operation and support after ownership. These groups give the advantage of being in business...