If you are considering selling your veterinary practice, you need to be prepared—and part of this preparation includes ensuring that you have all the necessary information before you place your practice on the market. In this article, we examine several things you should consider before you sell your veterinary practice. For additional information on selling your practice, please contact an experienced veterinary practice attorney for assistance.
Get an Appraisal
The first thing you should do prior to placing your practice on the market is getting an appraisal. By having your practice appraised, you enter the sales process with an accurate assessment of the value of your practice, and this can help you avoid pricing it too high or too low.
Review Your Finances
Before you sell your practice, you should be ready to respond to requests by potential buyers to provide copies of your tax returns and interim statements. In addition, you should ensure that your practice’s financial management system is current and capable of creating timely financial statements. If upon reviewing your practice’s finances, you discover that your practice has a history of declining revenue, you may want to consider trying to improve its financial performance before placing it on the market.
Find Potential Buyers
To sell your practice, you must find someone willing to buy it. When it comes to selling a veterinary practice, there are many potential sources of buyers. The first place you should begin is other veterinarians with whom you have longstanding relationships. Another option to consider is merging your practice with a competitor or allowing a larger practice or organization to buy you out.
Discuss the Sale with Your Staff
Finally, when preparing for the sale of your veterinary practice, you should be candid with your staff. By being transparent with your employees, you increase the odds that they’ll want to continue their employment after the sale (if this is an option), and that can be a great selling point to potential buyers. In addition, if your practice is successful, there is a good chance that the hard work of your staff has played a key part in its success. Therefore, you owe it to your employees to be as open as possible during the sales process.
Contact Our Experienced Veterinary Attorneys
If you are ready to explore your available veterinary practice sales options, Mahan Law is here for you. At Mahan Law, our veterinary professionals will utilize our extensive experience and vast network of co-counsel attorneys to increase your odds of a successful veterinary practice sale. When you come to us for help, you can rest assured that our attorneys have the knowledge and skills necessary to obtain the best price possible for your veterinary practice. Please contact us today to schedule a free consultation with one of our talented attorneys.