Selling your veterinary practice is a big decision, and there are many things you should consider before placing it on the market. Like all transactions, the process of selling a veterinary practice is not without risk. However, if you do it correctly and at the right time, it can also be highly profitable. In this article, we discuss some questions you should ask yourself when determining whether the time is right to sell your veterinary practice.
Why do I want to sell?
Before selling your veterinary practice, you should first determine why you want to sell. Understanding your reasons for selling will help guide your actions during the selling process.
Do I enjoy running my practice?
Do you enjoy everything that comes along with running your own veterinary practice? Some people don’t like the responsibility of owning a practice, while others love it. If practice ownership is interfering with your enjoyment of being a veterinarian, then selling your practice may be a good idea.
What goals do I have for my career after the sale?
When considering whether to sell your veterinary practice, you should take your long-term goals into account. If selling your practice aligns with your goals, then you should consider placing your practice on the market. However, if selling your practice will impede your plans for your future, you should probably reconsider.
Is the timing right to sell my practice?
Even if you’re certain that you want to sell your veterinary practice, you need to make sure the timing is right. If you want to maximize your profits, you must time the sale of your practice based on market conditions. However, determining this can be difficult on your own. Therefore, it is advisable to seek the help of an experienced veterinary attorney when determining if market conditions are right to sell your practice.
Do I have the proper documentation?
To finalize the sale of your veterinary practice, you will need access to all of the licenses and contracts associated with your practice. Therefore, prior to putting your veterinary practice up for sale, be sure that you have access to the necessary documentation.
Do I have relationships with the proper advisors?
Finally, selling a veterinary practice is complicated. Therefore, before you sell, you should ensure that you have the right advisors to guide you through the process. Specifically, if you want to sell your veterinary practice, you should contact an experienced veterinary attorney for assistance.
Contact our Experienced Veterinary Attorneys
If you want to sell your veterinary practice, you need an experienced veterinary attorney on your team. At Mahan Law, we assist veterinary practice owners in the purchase and sale of veterinary practices nationwide. Attorney Anthony Mahan, an experienced veterinary attorney and veterinary practice owner, knows the veterinary industry inside and out, and he will work diligently to ensure that the sale of your veterinary practice is successful. Please contact us to schedule a consultation.