How to Determine the Value of My Veterinary Practice
When the time comes to sell your practice, you need a plan that includes an exit strategy. The process can be complicated and confusing, but a good veterinary broker has the resources to help you get from A to Z.
When determining the value of your sell my veterinary practice, it is important to consider all of the tangible and intangible assets that comprise it. Tangible assets include everything from equipment to office furniture. Intangible assets such as your website (plus parked domains), phone number, and reputation can impact your business’s value as well.
Paws for Thought: Key Considerations When Deciding to Sell My Veterinary Practice
Whether it is due to age, health problems, or desire for a new challenge, many veterinarians find themselves in a position where they must decide whether to continue running their own practice, or turn the reins over to someone else. This decision is one of the most important financial and personal decisions a veterinarian will make.
It is common for prior practice owners to remain with the business after selling, either as associates, or to keep clients and staff happy, maintain client satisfaction and continuity of care, or to make sure that all policies and procedures are being followed as intended. A comprehensive understanding of the veterinary marketplace and its trends are vital to making this type of strategic move. It’s also critical to have a non-disclosure agreement in place that protects confidential information during the due diligence process. This is a great way to minimize surprises and potentially deal-breaking issues down the road.