I’ve Decided: I’m Selling My Practice
Components of the content supplied within this page can be credited back to Simmons & Associates Inc., Veterinary Sales & Appraisals.
For any queries you may have regarding Veterinary Sales or Purchases, visit the Simmons & Associates Inc. website.
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Once you have made your decision to sell your veterinary practice, the first step has been taken. What next? There are three more things you need to decide on and do.
The first is to establish the fair market value of your practice and it would be best if the assessment would be made by a professional. Most people do not have the necessary knowledge to make an objective assessment of their own practice. A professional evaluator would give you a value that is fair given the current market conditions and help you shape your expectations to realistic levels. While the tendency to become emotional is high, you will have to make big business decisions and feelings are best put aside. Almost everyone would attach a higher value to their practice than its actual worth based on emotional attachment. However, a professional evaluator can bring you down to earth. Furthermore, having the credibility of an independent appraisal will work to your advantage if you decide to market the sale of the practice by yourself.
The consultation of your advisors might prove to be invaluable. Once the practice’s market value has been appraised, your financial advisors can inform you on the aftermath of sale –such as taxes and liabilities. With this information, you can now make the final decision on the possibility of selling your practice or keeping it. If the income after tax would not get you what you were planning for from the sale of your practice, a professional evaluator can prove to be useful again. They can assist you in improving certain aspects of your practice so that its value increases.
You will also have to decide how you will market your practice. Will you do it yourself? Or will you hire a broker? As usual, solid information is your best ally. If you decide to market and sell the practice yourself, it can prove to be very time consuming. While brokers will charge a fee, once you hand over the sale process to them, they will do all the things required in order to have a smooth sale. Given the complexities derived from selling your practice, the benefits of hiring a broker are many, and they will be approached extensively in another article.
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