Veterinarians always have many questions about the wisdom of selling their practice. For most, this is a life-changing decision. Following are five questions often on seller's minds and how to answer them.
This is a question only you can answer. There are various measures of being ready, including emotionally, financially, and socially. Make plans before embarking on your post-career life. For example:
Veterinarians who successfully retire typically have saved throughout their career, rather than relied on the sale of their practice to fund their retirement. Practice sale amounts will almost never add up to all of the spendable income needed in retirement, over a course of ten, fifteen, or twenty years.
Numerous factors go into retirement budgets, including age, retirement savings value, what your savings portfolio looks like, the estimated, required monthly income, and the number of years that you anticipate the money will need to last. Your business broker and accountant can offer professional assistance that is vital in helping you calculate and reach your future lifestyle objectives.
Many sales brokers are reporting that they currently have more buyers, for all types of practices, than they have sellers. Typical buyers are veterinarians with three to eight years of experience as an associate. Most are looking for independence, as well as the safety and security of a practice that has enjoyed professional and financial success over the years. Small animal practices located in large metro areas are in high demand. Once location and animal clientele has been satisfied, buyers look to the financial aspects of the practice. The most sought-after practices are those that can provide a six-figure income to a new owner in the first year, after payment on their purchase loan.
While not legally required, hiring a business broker means that you will have a specialist at your side to guide you through the largest financial transaction of your life. Selling your practice is a full-time job, involving:
The magnitude of the emotional, financial, and social consequences of retirement should not be minimized. A wise seller will be brave and ask questions. A knowledgeable professional will have the answers.
These Stories on selling your veterinary practice
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