Selling your veterinary practice is a very important decision of your life. It is the opportunity to find the right buyer and get maximum value for your veterinary practice. Yet, it can have long-lasting effects on your life and the lives of your clients and staff. The challenge is attracting qualified buyers willing to pay a fair price and carry on your legacy of quality care. In this blog post we will guide you how to sell your veterinary practice and find qualified buyers for your practice.
Realising the value of your veterinary practice
The strategy is to thoroughly assess a couple of factors pertaining to your veterinary practice. Such factors include financial records, client base, staff competencies, location, and the services you offer. You should also consider your practice’s growth potential, profitability, and market reputation. These considerations can have a lasting impression on prospective buyers.
Market valuation of your practice
A professional appraiser can assess your practice to provide you with an accurate valuation. The professional’s report can help you get a clear idea of the expected value of your practice.
Preparing the practice for sale
It goes without saying that your practice must be in its top-performing status when it is listed for sale. You may need to update the equipment, redesign the facilities, etc., making the practice more attractive to potential buyers.
Marketing your veterinary practice
An ideal sale can only be concluded if you are able to find a well-suited buyer. You need to strategize properly in order to attract the right set of buyers. You may need to hire a content writer and an SEO expert to advertise your practice online. Such professionals can prepare a solid advertising plan that can reach veterinary networks, sales websites, and social media. SEO-friendly content accompanied by relevant keywords like “veterinary practice for sale,” “buy a vet practice,” or “veterinary practice valuation” can rank in the top search results.
Hiring a broker
Brokers are often called “linkers”. They have access to professional networks and link you with the right veterinary practice buyer. They also have practical working experience, which can come in handy while negotiating terms and closing the sale transaction.
As a professional working in veterinary practice, you should leverage your professional network. You can let your contacts know about your willingness to sell your practice. They might know someone interested in buying. But we advise you to practice discretion as the news about the sale can affect your clients and staff.
Financing the sale
Depending on your prospective buyer’s financial situation, they may approach you for assistance with availing loan options. Your proactiveness can help them save time in getting their financing approved quickly. We recommend staying open to discussions about financing as it can directly help you widen your pool of potential buyers.
Be prepared to negotiate
As soon as youhave a potential buyer, negotiations will commence. Buyers can come up with several arguments in a bid to undermine the value of your property. They do this to get discounts on the valuation put forward by you. You should be ready to negotiate on different aspects of the sale, including terms of the sale, transition period, and any non-compete agreements.
Finalising the sale
Once you have finished consultations with your buyer, you should discuss the details with your broker to seek professional advice. Your broker can help you close the deal by signing contracts, transitioning the ownership, and handling the financial aspects for you.
As you follow these strategies you should be able to improve the visibility of your sale. Your veterinary practice was not set up in one day. You put in years of effort and resources to reach the current status. Finding the right buyer for your practice is about finding the individual who will continue your legacy.
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.