Meet Our Practice Sales Director
Reasons to sell a practice could be varied, like retire with equity, desire to travel, start a new venture or maybe move to a different phase of life. Finding the right buyer, with the passion to commit and scale the business to new heights is important. Likewise, the buyer benefits from lower risk than starting from scratch. Moreover, the buyer is looking at real profit and loss numbers from the company’s history and not just estimates. Additional contributions from existing intangible assets are also included in most cases. Buying or selling a practice requires a professional intermediary to help find a range of interested parties, to help you shortlist the best available in the market. That in mind our Practice Sales Director Safwan U.A can engage with practice buyers and sellers via WeSellOpticians broker service.
Helping customers buy & sell practices is my passion!!
1. How did you start your business in selling practices?
My previous business experience in optics industry resulted in a strong network of connections with many practice owners in the UK. Some of these practice owners wanted my help to sell their business or know more about other business opportunities through my network. Initially, it was all done as a goodwill gesture. However, later I realised that my skill at selling a practice can be leveraged as a business model. And that is how WeSellOpticians was formed.
2. How do you sell a practice?
I can sell a practice in number of different ways, as mentioned previously I have a vast network of personal contacts which have been built over 20 years in the industry.
I also designed and developed a state of the art online website WeSellOpticians.co.uk which allows us to showcase each practice with full information such as images, key points, and descriptions.
The website took almost six months to develop from scratch and after its launch, in May 2020 we have experienced a huge number of practices being listed and a lot of visitors visiting the platform. Now its extremely popular website amongst the optics industry within UK.
Via the website we engage with visitors who are actively seeking for new practices as and when they become available.
We use innovation, technology and modern techniques to market practices and our services to make sure total exposure throughout the entire industry.
On top of that we exhibit at 100% Optical show each year.
3. What are the services you provide to your clients?
My main services are helping practice owners sell their practice, providing them with full service from valuation, the entire sale process and get them the desired asking price.
For buyers if they are first time buyers the thought of owning a practice can be daunting, I can help them again with the entire sale process, advise them on managing and running a practice, guide them in right direction for accounts, legal advice, stock purchase and marketing.
4. What are the criteria that you look for to enlist a business?
There is no set criteria, anyone with a practice can sell through us regardless of turnover. But the sale of the practice and the desired asking price would depend on how attractive it is to a potential buyer. That depends on factors such as turnover, profitably, location and future growth potential.
5. What sets you apart from your competitors?
Competition is always healthy in any walks of life as it makes you perform better. Further, it helps better yourself with learning, studying, and acquiring new skills to lead the way.
From the feedback from our customers I have been told I am far more pro-active then any of our competitors and constantly keep both buyers and sellers engaged through out the entire sale process. I am available to both buyers and sellers even after working hours and on weekends too.
Also the website is advance and user friendly. It has many advance features which cannot be found in other practice sales platforms (infact there isn’t even one in UK which is dedicated for optics industry), thus enabling us to become a market leader in our field within a short period. We will continue to invest in the latest technology to make sure we stay at the forefront and lead the practice sales platform in the UK.
6. What are the essential qualities that you look for in a practice buyer?
When a buyer first gets in touch we do due diligence about them prior to releasing any information to them and introducing them to the seller. This includes the buyer’s previous business experience, buyer’s capability for access to capital to purchase the practice. If they do not have the capital what are the chances for them to raise capital with their credit history.
7. What was the major challenge you faced in your career, and how did you overcome it?
Well to be honest every day is a challenge in business, almost every day something goes wrong and nothing ever goes to plan or the way you want it. It tests your patience, resolve and character. That is why very few businesses survive. But as an entrepreneur we must overcome those challenges by adapting, learning, showing mental resolve and continue moving forward without giving up.
Recently we faced COVID-19, which has crippled many economies, industries and many businesses from small to the corporate level. We can and we will overcome those challenges too by firstly being patient, cutting costs, planning and being pro-active at marketing and advertising. So when business and the world does go back to normal and it will, then we will be in a position to maximise our revenue and get our businesses back on track.
8. What is your best achievement?
My best achievement would be that I have lasted as an entrepreneur since I left University in London, over 15 years ago. I was £500 overdrawn in my bank account at that time. However, I turned that around and have been fairly successful ever since. But as you know in business there is no limit. And I aspire to achieve more, work hard, continue to learn and hope for more success.
9. How does your business day start and what do you enjoy doing apart from work?
I always wake up at 8am, every day, the more you sleep, the lazier you become. I also eat healthily and exercise daily which I find keeps my mind and body feeling healthy and fresh.
I follow football, cricket and golf. I support Chelsea in football. I played cricket for Surrey Youth Teams and Surrey County 2nd XI and played for British Universities also. I was also invited for trials for England Under 19 cricket team where I played along side some of the well known England players.
I’m still playing Golf and am a member of Wimbeldon Park Golf Club and have a 20 handicap score.
Currently I’m taking flying lessons and should get my Private Pilot License within next two years.
10. What was the best moment throughout your career?
I would like to say that pretty much all the businesses I have started none of them have ever failed. I have managed to launch many successful startups and delivered exceptional growth and profitability.
This has been due to hard work, integrity, honesty and skills learned on daily basis to keep making progress.
11. Any tips and insights to other practices owners and potential buyers?
Do your best in anything you do and do not leave any stone unturned and everything will be fine.
And if you are looking to buy or sell a practice and need some advice, just give me a call on 02037332315 where I will be happy to answer any questions and guide you in the right direction.
You can also connect with me on Linkedin by clicking this link: Safwan Linkedin Profile
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