The prospect of buying a veterinary practice is an exciting opportunity, but it is also a long-term decision that presents many challenges you need to be prepared for. At RSM we often see where a failure to approach a buying opportunity from an objective standpoint has led to disappointment.
RSM will provide you with a number of steps to help you make a well-grounded buying decision. By following these steps, you lay the foundations for achieving a positive outcome that you can reflect positively for years to come.
Many veterinary practices, or financial interests in practices, are sold to employees or associates who have been working in the business and are well-informed on the business' workings. Regardless of this, there are many challenges in moving from being an associate to a business owner, and, in these cases, RSM are also able to guide you through the process.
Selling a veterinary practice
It may be time for new challenges for you personally or perhaps retirement is approaching. Alternatively, your veterinary practice may not be performing to expectations. At RSM we work with veterinary business owners so that whatever the reasons are for electing to sell the veterinary practice the time is taken to plan an 'exit strategy' in order to maximize the return on investment.
It is important to recognize that the process of selling a practice can take a lot longer than anticipated. The process can extend over several years when the practice is specialized or the pool of potential buyers limited.
You are probably familiar with the saying 'you get what you pay for' - in selling a practice it is 'you receive the value for what you create'. This means that as a vendor, to get a good price you must stay engaged on the veterinary practice and maintain its profit while it is being marketed. This requires patience but will increase your probability of achieving a sound price for the practice.