Selling a veterinary practice requires knowledge and experience. If you enter the process unprepared, you run the risk of making mistakes—mistakes that can cost you a lot of money. Therefore, if you are considering selling your veterinary practice, you should contact an experienced veterinary attorney for assistance. In this article, we discuss several common mistakes that people make when selling a veterinary practice.
Failing to Plan for the Sale
The owners of veterinary practices are usually so busy with the daily demands of work that they fail to plan for the eventual sale of their practice. Sometimes, this includes structuring one’s veterinary practice as a business entity that isn’t ideal for a future sale. Other times, this means failing to maximize the practice’s performance during the period immediately preceding the sale. Either way, it’s important to plan for the sale of your practice long before you actually begin the process.
Failing to Hire Professionals
Selling a veterinary practice is complicated. Therefore, it’s a big mistake to try to sell your practice without a solid team of professionals on your side. Unfortunately, however, veterinary practice owners make this mistake all the time—with disastrous results. When selling your practice, at a minimum, you should hire an experienced veterinary attorney to guide you through the sales process.
Failing to Organize
Veterinary practice owners should organize their affairs in a manner that allows information to be easily transmitted to prospective purchasers. Many fail to do so, however, and this sends an unintended message to potential purchasers about the quality of their business practices.
Incorrectly Valuing the Practice
A veterinary practice’s value is based on the cash it generates after all expenses have been paid. However, sellers sometimes mistakenly base their expectations regarding value on gross revenues—a mistake that usually ends in disappointment. By obtaining an accurate idea of a practice’s value, however, sellers can enter the sales process with reasonable expectations and avoid unpleasant surprises.
How to Avoid Mistakes When Selling Your Practice
If you own a veterinary practice, you owe it to yourself to take steps that ensure the sale of your practice is a success. With an experienced veterinary practice attorney on your side, you can rest assured that your transaction won’t be hampered by common mistakes.
Contact Our Experienced Veterinary Attorneys
Although selling a veterinary practice can be complicated, it is ultimately worth it when you maximize the return on your investment. However, trying to sell your practice without enlisting the help of an experienced attorney on your side is a big mistake. At Mahan Law, we understand how to maximize the value of your veterinary practice. When you come to us for help, our experienced veterinary attorneys will work hard to ensure that the sale of your veterinary practice is a success. Please contact our office today to schedule a consultation.