When selling your practice is on the table, it's time to seek advice from a qualified tax professional. They will be able to guide you toward making the best decisions for your tax situation. There is no substitute for a professional tax adviser, but it's still worth your time to read up on certain tax implications before you get ready to sell. This guide will prepare you to start thinking about your taxes when selling your practice.
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
"Praxis sold my practice for 57% more than I had been offered 2 years prior. We received multiple offers and sold my practice for over 100% of revenue. Their expertise in law, finance, valuation, tax, and real estate gave them the unique perspective to succeed in selling my practice when others had previously failed. My broker negotiated and achieved my desired work schedule within my retirement timetable. We favorably allocated the sales price which provided me with as much of the sales proceeds as possible. Praxis is a company that I would recommend to my colleagues and a comprehensive service that more than pays for itself."
Dr. John Kasmersky, Seller Broadway Animal Hospital
"Praxis listened to my objectives, targeted the right buyers and advised me on how to make my practice more attractive to those buyers. We received multiple offers and sold my practice for over 120% of revenue. This was more than I had expected. The brokerage fee was the lowest in the industry and included the appraisal and the contract. There was no out of pocket cost because I paid the fee with the proceeds from the sale. They were not only knowledgeable and attentive but also communicative and accessible."
Dr. James Pearce Stage Road Animal Hospital
Are you a veterinary practitioner who wishes to sell off their practice? Then, we at Praxis will ensure that you find the right buyer who not only offers the best price but also understands your practice ethos, work culture, and will be able to continue your legacy forward. Praxis is a leading veterinary practice transition firm, serving veterinary practitioners in the USA for the last 25 years. With a team comprising of professional consultants from the finance, marketing,legal and veterinary fields- we’ve got your back!
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