If you are a veterinary practice owner, and you’re considering selling your practice, you must ensure that you take the correct steps. Selling a veterinary practice can be complicated, and there are certain things you must avoid in order to ensure a smooth and profitable transaction. In this article, we discuss some things to consider if you are thinking about selling your veterinary practice. For additional information, please contact an experienced veterinary practice attorney.
Get an Appraisal
If you’re thinking about selling your veterinary practice, you should first obtain an appraisal. With a professional appraisal, you can begin the sales process with an accurate idea of the value of your practice, and this can help you avoid pricing it incorrectly. In addition, a proper price can help you attract buyers.
Finances
Before you place your veterinary practice on the market, you should gather your tax returns and financial statements for inspection by potential buyers. You should also make sure that your financial management system is current and capable of producing accurate financial statements.
In addition, if your veterinary practice’s revenue has recently declined, it may be prudent to wait until business improves before putting it up for sale.
Purchasers
If you are planning on selling your veterinary practice, it will help you immensely if you already have a network of potential buyers in place. One place to begin is other veterinarians in your area. In an ideal situation, the purchaser of your practice will be a trustworthy individual who will continue your legacy in the area. Also, you may want to consider allowing a larger organization to buy you out.
Employees
Finally, if you are planning on selling your practice, you should be upfront with your employees about your decision. A key element to a successful practice is an excellent staff, so you should treat your employees fairly as you approach the sale. Also, your employees can be a great asset when potential purchasers visit your practice. With a great staff in place, you have a much better chance of selling your practice. In addition, your employees will be more willing to try to make a positive impression on potential buyers if you keep them informed during the sales process.
Contact Our Experienced Veterinary Attorneys
If you think that the time has come to sell your veterinary practice, you need an experienced veterinary lawyer in your corner. At Mahan Law, we will utilize our knowledge, experience, and network of co-counsel attorneys to help facilitate the sale of your practice. And although the process can be complicated, our lawyers have what it takes to do the job effectively, efficiently, and profitably. When you choose us to handle your transaction, you can rest assured that we will help you achieve your objectives while protecting your interests. Please contact us to schedule a free initial consultation.