The decision to sell your veterinary practice can be a difficult one. Nevertheless, there comes a time when each veterinary practice owner must decide whether to shut down, sell, or transfer the practice. After all, no one can continue to work forever. One course of action that offers multiple benefits, including the possibility of funding one’s retirement, is selling. And, fortunately, there are several ways to do so. In this article, we discuss options for selling your veterinary practice.
Sell to Your Partners
If you have partners in your business, selling to one of them is often a good option. One benefit of selling to a partner is that they are already familiar with your practice, finances, and clients, and this can make for an easy transition.
Sell to a Corporation
An option that is becoming increasingly popular is selling to a corporation. This option is most viable for practices that focus on small animals since most corporate consolidators have no interest in mixed-practice acquisitions. An advantage of selling to a corporation is that corporations often pay well. However, many corporations require owners to stay on board for a few years after the sale, which means that this may not be a good option if you are selling due to retirement.
Sell to an Associate
Another good option for selling a veterinary practice is selling to an associate. Like the partner option discussed above, when you sell to an associate, he or she is already familiar with the practice. In addition, since you have a prior working relationship with the associate, the risk tends to be lower than selling to an unknown party.
Sell to a Non-Veterinarian
Selling your practice to a non-veterinarian can also be a great option. However, not all states allow this, so you must check your state’s laws before doing so. And even if your state doesn’t allow you to sell your practice to a non-veterinarian, it may be possible to so with the help of an experienced veterinary attorney.
Sell on the Open Market
Finally, selling on the open market remains the most common way of selling a small veterinary practice. When selling a veterinary practice on the open market, it is useful to obtain the assistance of an experienced veterinary lawyer to help you locate buyers, draft contracts, determine financing, and perform negotiations.
Contact an Experienced Veterinary Lawyer
If you are considering selling your veterinary practice, the experienced professionals at Mahan Law are here to guide you through the process. When you come to us for assistance, we will help you determine the best possible course of action and take the necessary steps to make the sale of your practice as smooth and successful as possible. Please contact us today to schedule a free and confidential consultation with a talented veterinary attorney.