Relinquishing control of your selling your veterinary practice is not an easy decision and one of the most significant professional transactions you will make. Plotting out a plan for the transition is critical. This article takes a high-level look at (most of) what you need to do to sell your practice for top dollar and successfully move on.
Selling your veterinary practice involves meticulous preparation, including ensuring your building is clean and well-maintained, updating your website and social media, gathering essential documents such as profit and loss statements and three years of tax returns, and familiarizing yourself with state regulations concerning the sale of businesses. Your attorney or a consultant can help you prepare your business for the sale process, providing expert guidance throughout the transaction.
Intangible assets also play a big part in calculating the value of your veterinary practice. These include things like your website and parked domains, the brand name of your business, client lists, and the reputation of your staff, among other items. A qualified veterinary appraiser can work with you to identify and evaluate these intangible assets for sale.
Behind the Scenes: Navigating the Nuances of a Veterinary Practice Sale
Another consideration in the sales process is how you will deal with staff and clients after the sale. Retaining key staff members is a good way to keep morale up and ensure the health of your practice post-sale, and incentivizing retention is an excellent approach.
A final thing to consider is whether you want to retire immediately upon selling your practice or if you would prefer to continue working afterward. This is an important question to consider because the answer will determine your ultimate financial success. If you would rather maintain a role, there are many consolidators that specialize in the acquisition of veterinary practices and can help you find the right fit for your goals.