As a veterinarian, you may be faced with a situation where you want to sell your veterinary practice. It is often an emotionally demanding decision, as it has been proven after years of passion and hard work. Reasons to sell vary for each veterinarian, such as ill-health, retirement, burnout, starting a new business, etc. However, no matter the situation, one thing that is common is that the decision to sell your veterinary practice is tough and requires a lot of contemplation and planning. At Vets Best Friend, we have the expertise to guide you at each step to ensure swift closure.
Plan for the sale
Whether you have planned to sell your veterinary practice far ahead or you just decided to sell, there are certain things you need to do to ensure the most of the sales. For instance, you may want to get legal and tax advice in advance so as to evaluate your practice and help you make important decisions that protect you from future legal liability. You also want to ensure your business records are updated and complete.
Considered the emotional impact of selling
You have absolutely put a lot of passion, time, and resources into building your veterinary practice. Are you ready to let go of your practice? If you plan to continue to work at your clinic, are you ready to work for someone else? Selling a veterinary practice is complex, so take your time to fully understand the emotional implications of your decision to sell so that you won’t be caught off guard down the road.
Who is the right partner for you?
While an individual with the financial means to buy your veterinary practice is a necessity, there is much more to consider. You have built your veterinary practice to be an essential part of your community; it is important to ensure your reputation continues. So, take the time to explore all your options and don’t feel pressured to sell to the first person. You may want to look for veterinary practice brokers that can help you negotiate the best deal. In addition, consider how the potential buyer will handle the transition.
Protect Your Team
Your team is like a family to you, and you want to make sure they are well protected. Choose a buyer that can help them thrive by providing outstanding benefits, commitment to stability, and professional growth prospects. Whether it’s through honoring their services, providing exceptional benefits, or giving your team an opportunity to continue learning, the buyer should be able to provide a bright future for them. Also, it is important to be candid with your employees when making the decision to sell your practice. Besides, your employees can be a great asset during on-site visits by your potential buyer.
If you think that the time is right for you to sell your practice, you need to partner with an experienced veterinary practice management company. At Vets Best Friend, we will use our extensive experience to ensure that your sale is a success. If you have more questions about the sale process, veterinary practice brokers, and why you should choose us, contact us today to schedule a free consultation.