Selling your veterinary practice is one of the biggest, life-changing decisions you will ever make. No matter what the reason is; be it retirement, illness, or because you’re starting a new venture, reaching the decision to sell your veterinary practice needs a lot of planning and contemplation.
So, if you are thinking of selling your veterinary practice but are still not sure about it, here are some considerations regarding who should sell a veterinary practice. These will help you make a better decision.
You may want to sell your veterinary practice if:
1. You’re Retiring
Letting go of your practice isn’t easy, especially when you’ve put your efforts into it, watched it flourish, and managed the ins and outs of it for a major part of your life. But, retirement is a new stage in one’s life where you relax and enjoy the rest of your life. If you want to separate yourself from the stress of managing a business, that’s exactly the right time to sell your veterinary practice.
2. You’re Starting a New Venture
When you have an opportunity to undertake a new business venture which you shouldn’t be giving up, you should not give it up! If you’re starting a new venture which needs more of your time and resources, then selling your veterinary practice may be the best thing to do. The old saying that you cannot be in two places at once is absolutely true. If you sell your practice, you’ll be able to dedicate your time to the new endeavor and have the funds for it, as well.
3. You’re Suffering from a Major Illness
Not being in a healthy state physically or mentally is sure to make it difficult for you to take care of your patients and handle your business operations. This may also affect the reputation of your practice and lose you clients in the long run. When you become aware of a debilitating illness or one that may have a negative impact on your practice, it is often better to sell your practice in order to pay attention to your health and facilitate a speedy recovery.
4. You’re Exhausted
You may often ignore it and not want to talk about it, but this is a real issue. Running a veterinary practice isn’t an easy job. You often have too much to do and take care of. You work long hours, manage your business, take care of your clients, answer phone calls at odd hours, and much more. All these situations tend to induce stress and drain you physically as well as mentally. If you can relate to this, then perhaps you should sell your practice and take some time off to relax and add value to your life.
Whichever situation you’re in, make sure you consider all the aspects of it. The decision process involves taking into consideration both short and long-term effects. More often than not, the process takes one or more years to complete. Thus, planning well in advance will definitely be beneficial to you.