Stacks Image 23355
The Broker
Q: WW - SE - "I am thinking of selling my practice, I employ 18 staff and have two surgeries. What are the major problems that may come my way?"
Stacks Image 28960

A: The major problems are

1. The practices value- The practice is often undervalued or overvalued. Too many owners are overconfident of the price they will get by listening to media rumour, or unsure of the true value and ask for less than it is worth.
In the business word the real value is based upon quantifiable facts, not the owners guesstimates as the value of a practice business/company is more than just hard assets, The value of a practice business/company is primarily the Goodwill value. The right adviser will be able to not only assess that value of the practice business/company, but will be able to assist having a methodology on how to obtain the value and will have good contacts to help find a buyer.

2. Lack of preparation and transparency - you must have all of your finances in order, be showing sustainable profits, ensuring all property leases are fully transferable and be open about any staffing problems

3. Unwillingness to let a professional broker run the sale- you may be great at spinal surgery, but selling a £3million incorporated company?. Any fees a broker charges should easily be added to the increased price you should obtain, plus you will get the benefit of the brokers skills in preparation, presentation and negotiation. You need experienced professional lawyers, accountants and a veterinary broker on your side to maximise the sale.

These are the 3 main issues but selling a practice is a time consuming matter, that may sellers do not realise until they are into the process