Selling a veterinary practice can be a complicated process, but it doesn't have to be. By working with an experienced veterinary lawyer, you will be well-equipped to navigate the timeline and process for selling your practice.
At Mahan Law, our practice is focused on helping veterinarians navigate practice transitions. Whether you are selling or buying a veterinary practice, it is wise to have the informed representation we provide.
We regularly collaborate with veterinary attorneys nationwide to help our clients achieve their objectives. Trust our legal team to guide you through the process and establish a realistic timeline to close the deal. We know that buying or selling a veterinary process is an important step in gaining access to or exiting the veterinary space.
Let our accomplished veterinary attorneys lead the way. Lead attorney Anthony Mahan is also the owner of a veterinary clinic with hands-on experience and business acumen that are essential for successful veterinary transactions. Contact our office today to schedule your initial consultation.
The Process of Selling a Veterinary Practice
At Mahan Law, we are here to guide you through the six basic steps involved in selling a veterinary practice: valuation, marketing, bidding, due diligence, and closing.
Valuation
Valuation is an essential part of the process and helps to determine a sale price. It takes an experienced veterinary attorney working in conjunction with valuation experts (e.g. business appraisers, accountants, financial professionals) to arrive at a proper valuation and thus the right asking price of your veterinary practice.
Marketing
Once the valuation is prepared, it is necessary to ready your veterinary practice for the market. Necessary materials for coming to market include:
- Confidential information memorandum
- Qualified buyers list
- Nondisclosure agreements
- Teasers
The qualified buyers' list is a look at who may be interested in buying your practice: associate veterinarians, large conglomerates, private equity groups, or a business partner.
Bidding
The bidding process involves several steps, starting with providing virtual data to accommodate document sharing. Time is then set aside for a question and process, after which the bid closes. The final step allows time for offer comparisons and decision-making by your team, including your veterinary attorney.
Due Diligence
The buyer has a right to conduct due diligence, and you, as the seller, need to assist with the process. It is crucial to have your attorney work with you to curate the information to ensure it is up-to-date and accurate. Our attorney can also be there when the site visit is conducted to provide a satisfying experience to the buyer.
Document Preparation
Our experienced veterinary attorneys can help to negotiate, prepare and review share or asset purchase agreements as the situation requires and work to ensure that the sales contract protects your interests.
Closing
Closing the sale is the last step in the process during which documents are signed, the staff is notified, and funds are transferred. At Mahan Law, our attorneys regularly conduct closings of veterinary transactions in markets around the country. Above all, we work to ensure that closings proceed smoothly and efficiently.
How Long Will It Take to Sell My Veterinary Practice?
The timeline for selling your veterinary practice depends on how well prepared you are. Generally, however, you should allow about one month for each phase of the process, which means it takes, on average, from five to eight months to sell a practice. The sooner you have all the information needed to begin the marketing process, the shorter the time period should be.
It is also important that your veterinary practice be priced properly right from the outset. The right asking price will attract buyers that are able to come up with the down payment, around 40 percent of the asking price, and allow for a shorter time to close the sale. Ultimately, it takes a skilled attorney to guide you through the timeline and process of selling your veterinary practice.
Why Choose Mahan Law?
You've finally made the decision to sell your practice, but now you need to determine a sale price, find a buyer, and close the transaction. This is where our seasoned veterinary attorneys can help. When you become our client, we will help you devise a strategy for bringing your veterinary practice to market, see the deal through, maximize your return on investment, and secure your retirement -- or plan your next business venture. When it comes to buying and selling a veterinary practice, Mahan Law is the informed choice.
Contact our Experienced Veterinary Attorneys
The best way to manage the timeline and process for selling a veterinary practice is to have proper legal representation. The team at Mahan Law will help protect your interests through each phase of the process and work with you to reach your goals. Contact our office today to get started.