The First Impression – ally or enemy?
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There is no such thing as first impressions. There is only one: THE first impression. Although we may not like the idea, we know that everything that’s been written on the issue is true. The first impression gives the tone of what’s to follow. While we acknowledge its importance in our own eyes, most of us fail to give it proper status when it comes to selling our veterinary practices.
Practices are of a large variety. Many practice owners have not done their best to make sure that they create a great first impression of their practice. As reputed veterinary lecturer Mark Opperman said “walk in your front door more often.” Practice owners should truly make an effort to see their practice through the eyes of their clients, as well as potential buyers.
The following scenario happens often. A practice owner has made up his mind about selling the practice; he made a professional appraisal and is now ready to market the practice. As the buyer comes forth, disappointment also raises its ugly head only moments into the visit of the buyer. What prompted this? What did the buyer see and not like, and you didn’t? Was it the parking lot? The bad placement of your signage? Was it the not-quite-freshly-painted exterior of the facility? Or maybe he was struck by strong odours once inside? Is the practice clean, tidy and welcoming?
If issues like these obscure the buyer’s view, the discussion may not even reach the relevant points that will help the buyer evaluate your practice in an objective manner. You want the buyer focusing on the growth potential, profitability and philosophy of your practice, not on all the things that looked amazing on paper, just to disappoint in person. Remodelling may be a costly idea, but cleaning the place up, organizing, and some fresh paint will definitely not hurt. Do whatever you can to lighten up the place in a quick and cheap manner.
While the first impression will not change the value of the practice in numbers, it will definitely influence the buyer’s decision, as Sharon Pratt underlined in Valuing Small Businesses and Professional Practices.
In order to create a good impression, you need to find a broker that will share his/her expertise and make suggestions for improvement so that the buyer can focus on the real value of your practice and not on unfortunate first impressions.
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