If you’re thinking about selling my veterinary practice , it’s important to take a step back and assess why you want to do this. It’s a significant milestone in your career, and it’s important to make sure you’re prepared for the journey ahead.
Selling your veterinary practice can be a time-consuming and stressful process. It requires a lot of planning and in-depth evaluations. But, when it’s done right, it can be a satisfying experience.
You’ll want to work with a qualified appraiser or broker who specializes in veterinary practices to determine the fair market value of your practice. They’ll consider industry trends, local market conditions, and specific attributes of your practice to create an accurate appraisal.
The Business of Caring: Selling Your Veterinary Practice with Confidence
Once you’ve established a fair market value for your practice, you can begin the negotiation process with potential buyers. There are several factors to consider when negotiating with buyers, including their capacity to meet your price and terms and their interest in the practice’s reputation.
A qualified broker will be able to help you navigate the entire sale process and negotiate a comprehensive purchase agreement that protects your interests. You’ll also need to review the state laws that govern veterinary sales. Some states, like California and Oregon, require that you have a veterinarian on staff to oversee the practice of veterinary medicine, while others are more lenient.
The best way to prepare for a veterinary practice sale is by working on the practice’s profitability and establishing a strong business model. Veterinarians should work on improving their net income for at least three years prior to a sale, according to Farquer. This will increase the amount of money that can be realized from the sale.