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What Are the Steps in Selling a Veterinary Practice?

• Posted by jack crolles February 4, 2022 Filed in Business #veterinary practice for sale  #veterinary practice brokers  #sell my veterinary practice  96 views
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  Are you ready to post your veterinary practice for sale? Or are you just looking for veterinary practice brokers to give you a good sense of your business value?

  Either way, evaluating your veterinary practice is a huge job with many complexities. A good veterinary practice broker can help with this process, so you get the best value for your practice. 

  Selling a veterinary practice is very different from selling a house or other business. There are many additional steps and considerations to take. Here is an overview of the different stages.

  1. Business Analysis and Valuation

  When it comes down to developing a sales strategy, you will not get very far (or at least not very far in the right direction) unless you have good data to support your understanding of the value of your business. Business owners are often very close to the company they have built and can experience difficulty making an accurate assessment.

  2. Marketing Head Start

  Professional veterinary practice brokers can scan the regional market and surrounding context. They will assess your competition, gaps in the local industry, and much more. 

  Through this process, a good business valuator will also be able to put together a “qualified buyers list” so that you can get a head start on finding the right buyer to take over your business. You may want to start approaching qualified buyers at this time with a non-disclosure agreement prepared by your lawyer. Interested buyers can sign the non-disclosure agreement to find out what you have to offer.

  3. Let the Bidding Begin

  This moment is the most important and vulnerable time of the selling process because it is when your business goes to market and is opened up for prospective buyers to inspect. At this time, you may wish to step away and let an intermediary take over in selling your veterinary practice because emotions can become a factor.

  4. Legal and Fiscal Responsibilities

  When you have chosen a buyer, they will bring in experts to confirm the accuracy of what they have been sold. This process will include legal and tax due diligence on your practice. Your prospective buyer will also conduct site visits at this point, so it’s a great idea to put time aside outside of business hours. 

  5. Closing the Sale

  Your lawyers will have drawn up the papers during the previous step, and if all has gone well, they will be ready to sign. The buyer will complete their financing agreements and due diligence, get their approvals, licensing, and supply agreements in place, and conditions will start to be removed. 

  Finally, your business will have sold, and you can get that final handshake, passing that baton. So, if you are wondering, “how do I sell my veterinary practice?”, wonder no longer. We at EVCOR know the steps, and we’re here to help. Call us today for a free consultation.