As veterinary practitioners, you may be faced with a situation to sell off the veterinary practice. It is often an emotionally taxing decision as it has been established after years of hard work and passion. Situation/reasons may vary for each veterinary practitioner e.g excessive workload, ill health, early retirement or moving to a new business venture etc. But what’s common for all the situations is that the decision to sell your practice is tough and requires a lot of planning and contemplation. We at Praxis have the expertise to guide you at each step and enable quick closure.
Most practice owners do not think that they are hiring their eventual successor when hiring an associate. Most associates do not believe that they will eventually buy the practice that they associate with. Therefore, associate contracts that specify a method for a buy-in at a later date are practically nonexistent. So both the associate and owner continue their agreement until one day the associate wants to buy and the owner wants to sell. This is how most associate buy-ins happen
The valuation of your veterinary practice is one of the single most important topics when it comes time to sell. Not only is there a lot of money on the line, but also a lot of emotion and personal connections to consider. These personal connections can affect the way we value our practices and can make it hard to get a fair and objective valuation from a professional. Instead, we'll focus on the 10 qualitative factors that you should really be considering
Maximizing a sale is all about perfect timing and as a veterinary practice owner, you should know when is the right time to hang the boots and put up your practice for sale. Practice owners are always caught up in the conundrum of whether to sell now or wait a little longer for the practice to gain more value.While that might seem like a perfect strategy, there are a few things to consider before making that decision. Most importantly, you need to be sure that your practice is actually gaining value through optimal production and sensible management.
