NYC's Top Laser Vision Correction Center

Not Disclosed, NY
New York County


Asking Price: Annual Revenue:
$1,900,000 $1,647,000

Services: Medical, Dental


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RE: NYC's Top Laser Vision Correction Center Broker: Carey Davis

Quick Facts

Asking Price: $1,900,000
Annual Revenue: $1,647,000
Net Profit: Not Disclosed
Cash Flow: $886,000
Total Debt: Not Disclosed
FF&E: Not Disclosed
Real Estate: Not Disclosed
Year Established: 1998
Employees: Not Disclosed
BBN Listing #: 590535879
Broker Reference #: 70841-905316

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Business Overview:

Located in Manhattan, one of the America's most prestigious independent refractive surgery centers. A consistently profitable practice with the doctor earning approximately $850,000 per year on a $1.7 mm gross. A below-market rent with a long-term lease is available. State-of-the-art equipment included with purchase. Five Full-time employees including two eye doctors. The owner is willing to stay on 5/7+ years if the buyer chooses to ensure a smooth transition. The center also accepts other surgeons using the center for “open access” to perform LASIK if they don’t have their own laser (most do not), which is another source of revenue
.
The seller will finance everything past what the bank will finance, up to 80% of purchase price, at the same terms/rates as the primary bank loan.

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Property Features and Assets:

Founded in 1998 at the start of refractive surgery, this practice is one of the oldest continuously-functioning laser centers in the country, with a regional and even national reputation. Moved to present upscale location (with concomitant increase in pricing) in 2006 (with a long-term beneficial lease available for new owner.) Nearly 30,000 corrective vision procedures have been performed. Patients come from all over the tri-state area, USA and other countries. The surgeons in the practice have published and presented dozens of articles and lectures both nationally and internationally, so the practice has a strong, established reputation in the professional community.

Market Competition and Expansion:

This laser vision correction center is Manhattan, in an upscale neighborhood, that is mixed-use, with both residential towers and many upscale retail locations. The laser vision correction market in NYC, like in all major cities in the US, is now “sewn up”, which means that there have been established centers for over a decade, which presents a significant barrier to entry, as few patients would want to go to a “new” center or surgeon, when much more established alternatives exist. Therefore, any doctor or corporate “chain” which wants to enter Manhattan almost is forced to buy an established center, as the 1 corporate “chain” and 2 independent MDs that have tried to open new centers in Manhattan in the last decade have all failed, for this reason. The current center is a low-volume, high-price, “boutique” center. Clearly, there is significant room for growth if the new owner(s) wish to offer a lower tier or pricing (perhaps based on procedure type or younger surgeon), or if they wish to offer additional services, such as cataract surgery, or other sub-specialties. This practice would be highly desirable for a NYC area hospital which currently does not have a laser vision correction center to purchase as a satellite ASC, as that medical center would be able to “feed” the laser center just with their existing physicians and patients. Similarly, a large multi-doctor practice in the city that is currently referring patients out for refractive surgery would be able to keep these patients “in-house” and realize what is now lost revenue. As mentioned above, a corporate chain, or laser vision correction center/doctor outside of NYC would be well-advised to purchase an existing center in NYC with brand name recognition and a proven track record of excellence over two decades, as it is almost impossible to launch a “brand new center” for the reason stated above (for example, if you were a patient needing a liver transplant, you would certainly not want to go to a “brand new transplant center” with no track record, no matter how new and shiny the buildout or marketing was). The final category of purchaser would be a surgeon who is already performing LASIK, but does not now own his own laser. Once that physician has his own laser, it is vastly easier to convert patients to getting LASIK because they see that he is a true specialist/expert, because there are now 100 surgeons performing LASIK in NYC, but only 10 who perform more than 500 cases per year, and only 5 who own their own laser. This purchaser could be a “shooter” or surgeon performing surgery for an existing chain, or a lower volume surgeon who is performing “open access” cases (renting another laser to perform his LASIK).

Reason for Selling:

Retiring

Additional Details:

  • The property is leased.
  • The owner is willing to train/assist the new owner.
  • This is not a homebased business opportunity.
  • This is not a franchise resale opportunity.

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