Outstanding Lifestyle in the Adirondacks of NY
Single Location - Suburban
Long-standing independent practice with outstanding financials is primed for growth in the underserved northeast NY region where corporate competition is minimal. Current owner has been working less than full-time, which means there is room for growth for a full-time minded OD. This practice is ready for a new energetic owner to come in and grow it 25-40% easily.
The practice is priced to sell and is listed significantly below a professional evaluation.
This practice has been in the business of over 15 - 20 years.
New York
Revenue $500K - $1M
Details
North Country Optical
This practice has its roots as a successful Pearle Vision franchise over 40 years ago. The past owner decided to break his contract with Pearle Vision in 2010 and move the practice to a different nearby location but keep the phone number. He invested $100,000 for the inside construction and leased the new office from Stewart's, a great landlord, with multiple convenience stores throughout upstate NY. The lease renews in 5-year terms ending in 2030, but there should be no reason it cannot be extended, as I did when I purchased the practice in 2013. In 2014, the practice joined Vision Source, one of only 2 in the whole region.
The location of the practice is ideally located at the crossroads of Plattsburgh City's 2 major boulevards, in the main business district, with high visibility. The region's main hospital center and SUNY Plattsburgh campus are just a few blocks away.
Annual Revenue $700-850K with 1 OD practicing less than full-time. Outstanding business metrics, according to multiple consultants. With very little corporate competition, there is a huge opportunity for sustained significant profit and growth!
Staff of 3 full time employees (Technician/Assistant Manager, Optician Trainee, Front Desk)
Patient Demographics: Broadly distributed between the ages of 3 to 93. Over 5000 active patients.
Scope of the Practice:
- Primary Care
- Optical Service (750-1000 frames)
- Medical (Glaucoma, Diabetes, AMD, Dry Eye, Acute Care)
- Co-Management (Cataract, Retina)
Equipment:
Why Plattsburgh:
Plattsburgh has been voted one of the best small cities in the USA with a population of about 35,000 situated on the shores of the large Lake Champlain across from Burlington Vermont (area population about 235,000) about a 1-hour drive away. The huge cosmopolitan city of Montreal, Canada is also a little over 1 hour drive away with all the culture you need. Plattsburgh has an expanding International Airport connecting it to Philadelphia, Florida and the Carolinas via direct flights. Amtrak and Greyhound have direct service to New York City and Montreal.
The region is known as the Champlain Valley sheltered in between the Adirondack Mountains of New York and the Green Mountains of Vermont and is rich in outdoor activities such as skiing, hiking, biking, fishing. Lake Placid, two-time home to the winter Olympics, is also an hour drive away. Relative to other upstate NY cities, we get a lot less snow in Plattsburgh.
Great place to raise a family with an excellent school system.
Practice Information:
Building Size: 2000 square feet
Plattsburgh, New York, 12901
Owner Information:
I've owned this practice for over 10 - 15 years.