‘Goodwill’ – although intangible – can be an incredibly valuable asset, sometimes worth more than property, buildings, machinery or inventory. Find out how we played our part in helping DF Optometrists secure the goodwill of a neighbouring practice…
Name: DF Optometrists
Business requirement: Funding required for acquisition
Product solution: Business loan
Founded by David Fleischmann, DF Optometrists is an independent family run practice founded on the principles of taking the time needed to fully and properly care for eyes of all ages, from birth onwards.
The business offers state-of-the art primary care from its North London base, where the practitioners regularly attend continuing education courses and are involved in clinical research, teaching and product development.
David was looking for a sizeable loan that would enable him to buy the goodwill of a neighbouring Optician’s practice. Unfortunately, the initial advice he received was that he would be unable to get an unsecured loan to cover the cost because traditional banks won’t normally finance intangible assets like goodwill.
Fortunately, Braemar Finance aren’t your typical lenders – we’re specialists with over 25 years’ experience in the Optical Sector.
David was first introduced to Braemar Finance’s Colin Cornish, Area Sales Manager, at the AIO (Association for Independent Optometry) Conference in Cambridge, where he approached us to discuss the feasibility of a buy-in.
When the time was right to progress with the deal, Colin quickly pulled together an initial facility for the full amount. Despite it being protracted – primarily because of various legalities - David was impressed with our flexibility in renewing the original facility.
The final solution was an unsecured business loan over seven years.
Once the agreement was inked, the finances were immediately available and transferred to complete a very timely acquisition. This has allowed the practice to quickly benefit from the goodwill and continue to grow and thrive, with the business recently moving to new premises, nearby.
“Speaking with Colin at Braemar finance was such a breath of fresh air. I had been trying all the usual routes including banks and government funding circles but none were willing to consider the loan as they didn’t understand the business proposition. Colin understood what I was hoping to achieve, how the optics industry works and then helped guide me step by step through the process.
When we needed help the most, Braemar Finance were there to support us and ensure we had the financial backing we needed.” DF Optometrists