July 21, 2021
The decision to buy or sell a veterinary practice requires many small decisions and plenty of research. Here are some things to keep in mind when looking at a veterinary clinic for sale.
If you’re not fully aware of the necessary financial and legal aspects to acquire or divest of a vet clinic, then you should build a team of experts. This team should include a lawyer, an accountant, and a transaction advisor. This trio of professionals will collectively know everything you need when looking at veterinary practices for sale. When you decide “it’s time to sell my veterinary practice,” you can rest assured that the process will go smoothly.
When you decide it’s time to list your veterinary clinic for sale, it’s a good idea to let your accountant know as soon as possible. Think in terms of years, not months. Two years will give you enough time to ensure that you are eligible for capital gains exemptions if not correctly structured. Doing this will make the potential sale a time for joy rather than trepidation.
When looking for veterinary practices for sale, there are certain things to keep in mind. For instance, if you’re looking to earn a profit beyond your professional fees, owning the clinic can be a good method.
One option when looking for a veterinary clinic for sale is to consider a staggered purchase, in which a person buys a 50% stake in the business, with an agreement to buy the other half in a set amount of time. Usually, this is several years. A complete business sale or purchase may seem less complicated, but this option allows for easing into the business with the guidance of an experienced owner. This can be beneficial for people new to business ownership and those just out of veterinary college.
When buying a vet practice, there are many things to consider. First, you want to plan your goals. Sit down and figure out what you want your short-term and long-term goals to be. Perhaps you’d like to bring in other veterinarians in the future, or maybe you’re looking to expand the range of services.
Once your goals are in place, you’ll need to build a team to help you achieve those goals. It’s possible that the existing staff are great. Even if this is the case, you’ll still need to hire people as staff leave. You’ll want to gather a staff of experienced and accredited professionals.
Whether you are buying or selling, preparation and research are key. Having people with experience in veterinary practice transactions can make the entire process less stressful.