As a veterinary practice owner, you probably enjoy the many perks of owning your own business. Setting your own hours, choosing the type of work you do, hiring your own staff, and enjoying the freedom of being your own boss are just a few of the benefits of veterinary practice ownership. However, even if your practice is thriving, it’s important to be able to spot the signs that it may be time to move on. In this article, we discuss four signs that it may be time to sell your veterinary practice.
#1: You Don’t Enjoy Running Your Own Practice
The first sign that you may want to consider selling your practice is an obvious one: you no longer enjoy it! Even if you still love providing excellent care for animals, if you are no longer interested in marketing your practice, building your brand, dealing with staff, managing a budget, or doing the other things required to make your business successful, then it may be time to move on.
#2: You Don’t Enjoy What You Do
When you first became a veterinarian, you probably looked forward to the new challenges each day would bring. However, if you’ve been a veterinarian for several years, it’s possible that you simply don’t enjoy what you do anymore. For the sake of your own happiness, if you no longer enjoy what you do, that’s a good sign that it may be time to sell your practice and embark on a new career path.
#3: You’re Getting Close to Retirement
If you are nearing retirement age, you should begin the retirement planning process now. Part of this process should include arranging for the sale of your practice. With proper planning and the right sales team in your corner, you should be able to maximize the value of your practice in order to provide you with funds to use during your golden years.
#4: You’d Like to Spend More Time with Your Family
Finally, as a veterinary practice owner, you know how much work goes into keeping your business running. In addition to serving patients, running a practice requires hours of additional work both in and outside the office. Although this can result in a highly profitable business, it can reduce the amount of time you are able to spend with your loved ones. For some people, the strain that this puts on their family life simply isn’t worth it. Therefore, if you’d like to improve your work/life balance and spend more time with your family, you may want to look into selling your practice and going to work for someone else, thereby allowing you to devote additional time to your loved ones.
Contact Our Experienced Veterinary Attorneys
If you think that the time has come to sell your veterinary practice, you need an experienced veterinary attorney on your side. At Mahan Law, our veterinary practice sales professionals will walk you through each step of the veterinary sales process, doing everything we can to ensure that you get the best price possible for your business. Please contact us today to schedule a free initial consultation.