Introduction
The life of a veterinarian is busy and stressful. If you’re thinking about selling your veterinary practice, then you’re in the right place. This guide will help you understand the how, when, and why of selling a veterinary practice.
If you’re thinking about selling your veterinary practice, then you’re in the right place.
If you’re thinking about selling your veterinary practice, then you’re in the right place.
A veterinary practice is a business that provides professional services to animals and their owners. The typical business model for these practices involves four main revenue streams: salaries, fees, consultations, and product sales (i.e., retail).
Veterinary practices are generally sold by veterinarians who are retiring or moving on to other opportunities. They might also be purchased by a new vet looking to start his or her own business. Vets who buy out an existing practice can become sole proprietors of the company or partner with someone else to jointly own it; either way, they need a license to work at their new location.
Highlight your specialization
This is where you should highlight your specialization if you have one. If you don’t, you could still mention that you are a general practice and focus on the benefits of this. You can also mention how long the practice has been in business, or how many employees or patients see over a day. Or if you specialize in veterinary dentistry, you can even mention one of your specializations like cat dental.
This guide is here to help you understand the how, when, and why of selling a veterinary practice.
This guide is here to help you understand the how, when, and why of selling a veterinary practice. Whether you’re looking for more information about selling your existing practice or are interested in buying one, this guide has everything you need to know about investing in the veterinary industry.
Both buyers and sellers alike need to be informed about their options when it comes to buying or selling a business and what that entails from start to finish. This article will outline some of the most common questions asked by those looking into purchasing or selling their veterinary services, along with tips on how they can best navigate through these processes while working with brokers like us at VetOne Events.
Ensure the veterinary clinic is refurbished
The most important thing to do when buying a veterinary practice is to make sure that veterinary fitouts are in good condition. You want to ensure that the clinic has a good reputation in the community and a strong online presence. It will also be important for you to check out whether or not your potential purchase has any visible problems with its website, such as broken links or outdated content.
Assess your veterinary practice value
To sell a veterinary practice, you need to know its value by doing business valuations. The value of your veterinary practice is dependent on many factors, including location, size, and condition of the building, staff, and equipment. To determine an accurate selling price for your veterinary practice you should hire an appraiser or consult with an experienced broker.
Start by asking yourself three questions to get the process rolling:
If you’re considering buying a veterinary practice, three questions can help you determine if it’s the right move for you.
- What do I want to do next? For many veterinarians, working in a practice is not what their career goals were when they started as interns or vet techs. This may change as they get older, but if it hasn’t yet then buying your practice might be an option worth pursuing.
- What are my goals? When looking at buying or selling a veterinary practice, many factors should be considered before deciding whether this is right for you and your family — including how much money you want to make on your investment (or how much debt will be incurred). If money isn’t an issue then consider other factors such as whether there is enough business available near where the purchased clinic is located; whether there will be enough staff members who are willing and able to work at this location; etc.
• Is now the right time for me and my family?
It’s important to think about your family situation, personal situation, and financial situation before deciding to buy or sell a veterinary practice. If you’re single with no children and/or you have plenty of money in the bank then buying a practice may be ideal for you. On the other hand, if you are married with kids or have other financial obligations then selling is probably better.
• What is my practice worth?
What is my practice worth?
The value of your veterinary practice will depend on many factors. These include:
- Your location, size, and equipment
- The cost of the building or land it is located on (if applicable)
- The state of the market in which you operate. Most practices sell for more in good markets than bad ones because there are fewer options available to buyers. In a bad market, sellers may have to accept lower prices to sell their practice because buyers are scarce.
• Who can help me sell it?
Once you know what you want to achieve, the next step is to find someone who can help. The right advisor will help you create a roadmap for selling with a clear set of goals in mind and then be there with you throughout the process.
An advisor can also help navigate the emotional and financial aspects of selling your business, which can be difficult to manage on your own. This person can provide objective input on what your practice is worth and how much it might bring in at auction. He or she will also act as a buffer between other agents involved in the transaction so that communication stays smooth and open lines of communication are maintained throughout each step of this process
Many of the elements that you will be considered together and individually are going to be deeply personal decisions.
Many of the elements that you will be considered together and individually are going to be deeply personal decisions. What kind of person you are, what kind of person your family is, what kind of person your staff is, what kind of person you want to be, and what kind of person you want to work with all play into this equation. These questions can’t be answered by anyone but yourself, but it helps when someone has been through it before or knows a bit about the process. One aspect I think everyone who owns their veterinary practice should consider carefully is how much time they have available for business development as well as for practicing medicine daily. If you decide that your practice needs more growth than just waiting around for clients from referrals from existing clients then this may not be the best business model for YOU!
As such, many successful veterinary practice owners have found it helpful to work with an adviser who can help them navigate those waters with knowledge, experience, and sensitivity.
As such, many successful veterinary practice owners have found it helpful to work with an adviser who can help them navigate those waters with knowledge, experience, and sensitivity.
You want somebody who knows the industry well. You want somebody who can give you unbiased advice. And most importantly, you want somebody trustworthy—so that when they tell you something or warn you of a potential pitfall or issue, it’s not because they just want their fee!
You’ll also need someone who understands how these transactions work in your state—and what steps are needed for each step along the way: from hiring lawyers and accountants; deciding on price; finding a buyer; negotiating terms (including getting paid); keeping records throughout, and completing other necessary tasks like closing escrow accounts once the property has been transferred out-of-state (if applicable).
When you decide that you want to sell your veterinary practice, take your time to think about who you most trust to help with this transition.
When you decide that you want to sell your veterinary practice, take your time to think about who you most trust to help with this transition. The right advisor will have the expertise and experience necessary to guide you through the process of selling a veterinary practice.
A good advisor should be able to help you understand the process and all its intricacies: what is involved in the sale; how much money can be made; how long it may take; how long it will take if done by yourself or with an agent; what are some selling strategies that might increase your chances of selling faster (such as listing on social media sites, attending trade shows); etc.
A good advisor will help you create a roadmap for selling with a clear set of goals in mind.
A good advisor will help you create a roadmap for selling with a clear set of goals in mind. They’ll help you understand the market, your options, and your timing. They can give you recommendations on the best way to continue running the practice while it’s being sold, or they can even just manage sales themselves if that’s what you want them to do.
The most important thing is that they will make sure that as soon as an offer for purchase comes in from a potential buyer, it goes through all the hoops it needs to go through so everyone involved knows exactly where things stand at all times. This means no surprises and fewer problems down the road!
Conclusion
If you’re thinking about selling your veterinary practice, then you’re in the right place. We hope this guide has helped you understand the how, when, and why of selling a veterinary practice. If you need more information or would like to discuss your options with one of our advisors, please get in touch with us today.
