Plymouth, Minn. (September 27, 2007) - With the Baby Boomer generation of audiologists moving toward retirement, Sonus is helping these hearing-health professionals make a smooth transition with attractive options for those looking to sell their practices. Sonus Network members also enjoy access to financial planners and retirement savings programs, which help audiologists in all stages of their careers plan for the future.
"In the late 1970s, many audiologists began to dispense hearing aids in addition to performing hearing tests and really grew their practices," said Stuart Johnson, the director of acquisitions for Sonus. "Now many of these 'pioneers' have started to retire and are looking for buyers for their well-established practices."
Selling Your Practice With Help from Sonus
When it's time to start thinking about selling their clinics, audiologists have two options: selling to a corporate group, or selling to another audiologist, such as the competitor across town. Sonus is one of a few networks that offer both choices.
"Sonus will buy clinics and integrate them into our corporate holdings, or we will provide loans to our network members so they can purchase existing clinics," Johnson said. "Sellers have the flexibility to choose the option that works best for them."
And since Sonus Network members are not limited to selling one brand of hearing aids, as often happens with manufacturer-owned networks, audiologists can sell multiple lines of products, which can make their clinics more attractive to patients - and potential buyers.
Working Toward a Financially Secure Future
The Sonus Network provides all members, regardless of age, with services that help them ensure their retirement years are financially stable. Members are encouraged to enroll in the Sonus Savings Plan, in which Sonus matches $10 for every $50, and $25 for every $100, that a network member saves for retirement. Sonus works with Charon Planning, which was instrumental in the design and implementation of retirement strategies since the early 1980s, and UBS Financial Services Inc., the world's largest private bank, to implement this savings plan. Sonus also contracts with financial planners who can help members assess their financial goals and plan for retirement.
Tips for Preparing for Retirement
Johnson offers the following tips to audiologists who are beginning to think about retirement:
- Clinic location is important. Buyers are looking for a clinic that has been in its current location for several years, so patients know where to find it. If you're a few years away from retirement, it's not a good time to move. Good parking options and easy access to major roadways are also important.
- Geographical location also makes a difference. The Eastern Seaboard and Pacific Northwest are in a good position for acquisition because of an expanding client base. It may be harder to sell a practice in a small Midwestern town.
- It can take several months, or up to a year, to negotiate a sale. Begin the process as early as you can to ensure a smooth, non-hurried transition.
- Consistency of revenue is important. Buyers want to see that your sales are holding steady or increasing. Clinics with steadily increasing revenues are more likely to command a higher price.
- Get your books in order to make the selling process proceed smoothly.
- Consult with financial planners throughout your career to make sure you are on track to retire with enough savings to fit your retirement goals.
About Sonus
Since its founding in 1996, Sonus has grown into the largest professional hearing-care organization in North America. Today Sonus offers private-label and multi-brand products to hearing-impaired consumers at more than 2,000 locations in the United States and Canada, including company-owned clinics and independent providers who are licensed Sonus Network affiliates. As an innovator and leader in hearing health care, Sonus is the premier provider of small business services to the hearing healthcare industry.
For more information, please visit www.sonus.com or the Sonus Web Channel on Audiology Online at www.audiologyonline.com/channels/sonus.asp
