Selecting a Broker
The growing presence of corporate practices often results in an approach being made before you are ready or prepared for the sale of your practice. Therefore it is essential to know its value before accepting any offers.
This has resulted in an increase in the number of agents offering their services to sell your practice, ranging from accountants, lawyers and company sales brokers.
Deciding on which to use can be difficult for a busy practice owner. However, the following may act as a guide to allow you to shortlist 2 or 3 companies.
- They should have no other involvement with any of the corporate practices.(Eg accounts etc)
- They should understand and have experience of veterinary practice.
- They should have the skills to deal with both sole traders and incorporated share sales.
- The sale of your practice should be a priority for them.
- They should have the experience to know the potential value of your practice in the present market.
- They should have the experience in negotiating with corporate buyers to obtain the maximum value.
- They should maintain support throughout the sales process, including financial support to completion.
- The level of fees charged should be reliant upon a successful sale.
- Ask to meet them
- Ask about their experience
- Ask about their success rate
- Ask about their charges
- Do not necessarily go for the broker who suggests the highest potential valuation.
Make the decision