Q5: SW- SW England "I have been approached by a corporate with an offer to buy my practice, which looks very attractive, should I engage a broker or accountant to deal with the offer?"
A: The growing presence of corporate practices, often results in an approach being made before you are ready to sell. It is essential to know the value of your practice (business/company) before accepting any offers or going into discussions.
Although your accountants may have been involved in the technical parts of a business sale, they might not have the experience of dealing with a veterinary practice sale or dealing with veterinary corporate companies. A veterinary practice broker should do more than just sell the practice, they should also have the experience to know how much you could sell your practice for in the present market and have the experience to deal and negotiate with buyers to obtain the maximum value. The sales process should be methodical to allow everything to go as smoothly as possible, hence, a broker should maintain support throughout to completion, offering help through a difficult time to ensure the owners get the true value of the practice.
You should always check that they have the skills to deal with both sole traders and incorporated share sales. ______________
The sale of a veterinary practice should be highly confidential, and the brokers or accountants should have no other business involvement with any corporates.
No such thing as a free meal- Any fees paid should be reliant upon a successful outcome, but be wary of any free sales agent’s services. In most of these cases the purchaser pays the agent and therefore any offer made will take this into account.
A broker should know and understand the veterinary market and offer a personal hands on service being solely responsible to their client.