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.
Once you’ve decided to sell off your veterinary practice, you must give it enough time to prepare for the sale. There are many tasks that need to be completed to ensure that the sale is closed in an efficient manner quickly. With Praxis and its team of financial and legal experts, you’ll be able to gauge the fair price and market value of your veterinary facility. We’ll help you with all the nuances of the sale- from understanding the market value of your practice, consulting to gathering relevant data on relevant buyers, market share, demographics, cash flow analysis. Next step is marketing your veterinary practice effectively to prospective buyers and negotiating with them in order to maximize profits and get the best price.
Selling off your veterinary practice might seem daunting but with Praxis by your side, it will be a smooth ride. We will help you in planning a well-crafted exit strategy to ensure a seamless transition and maximize profits for you. By understanding the desired goal outcomes, we help you in planning a “Veterinary Succession Plan”. This enables you to exit the practice at the right time with an ideal price. This ensures that you minimize legal risks and maximize after-tax profits. It also allows you to plan well in advance so that you can find the right buyer who not only offers the best price but also is a great fit for your veterinary clinic.
While the thought of selling off the veterinary practice may seem exciting, however, there are certain pitfalls that must be definitely avoided in order to close the sale effectively. Presence of such pitfalls may delay or disrupt the selling off your veterinary facility, causing unnecessary inconvenience to both the veterinary practitioner and the buyer. Praxis has identified a list of a few pitfalls which must be avoided when selling your veterinary practice- forgetting non-compete agreements, shaky asset list, not marketing your veterinary practice at the right time, demanding too much price, incomplete non-compete agreements, and so on.
Selling off your veterinary practice ain’t any child’s play! However, many veterinary practitioners seem apprehensive about approaching brokers to help them with the sale. Hiring an expert broker will not aid you with the different aspects of the sale- e.g market price evaluation,price negotiation, buyer vetting etc. but will also ensure that all paperwork is updated and appropriate. Documentation is an integral part of the sale and a broker will guide you with all the details of legal and financial documentation effectively and maintain complete confidentiality regarding the sale.
There’s nothing more noble than treating and caring for the voiceless. However, for several reasons like retirement, other entrepreneurial ventures, ill health, and even death, veterinary practitioners have to eventually sell off their practice. For a long time veterinary practitioner, selling off the practice might seem overwhelming. But, Praxis ensures to cover the entire gamut of activities involved in the sale- from understanding the desired goals, finding the right buyer, calculating the right price to maximize profits, and closing the sale. We will guide you at each step, offering expert advice and proper documentation to enable a seamless transition.
Take a look at a detailed guide to selling off your veterinary practice here.
After being told by two other national brokerage firms that my practice was a "No-Low Practice", Praxis looked at the same financials and three months later my practice has now been sold for more than one year's gross. Praxis was not only professional and diligent but also personal and down to earth. They not only looked at my financial numbers but also asked questions and were able to recapitalize my practice numbers. This in turn increased the value of my practice which others were not willing or able to do.
Summer Mobley, DVM Mobley Veterinary Clinic
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. The brokerage fee was the lowest in the industry and included the appraisal and the contract. Praxis is a company that I would recommend to my colleagues and a comprehensive service that more than pays for itself. They were not only knowledgeable and attentive but also communicative and accessible.
James Pearce, DVM 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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