What is my practice worth?
Remember you will only sell your veterinary practice once, so don't be rushed and be sure to get the price right first time.
”Don't rely purely on the valuation of the buyer.”
THE SALE PROCESS from initial approach to completion can be a protracted and stressful process.
Simply sending buyers a couple of information sheets a set of accounts and handing the process over to the sellers solicitors once an offer is not the way to give support.
Most problems arise during the Due diligence period, when you need the support of your broker.
To sell your practice you must sell its benefits as well as the assets.
You should be able to show the practice and its associated financial information in a way that will give confidence to the prospective purchaser, of the practice's viability for producing maintainable profits or potential for producing future profits
This is something which at the VBA we excel.
Rules of Selling
1. Prepare it for sale 12 months before.
2. Understand what is the minimum you want for the practice .
3. Maximise the number of potential purchasers.
4. Make it attractive to any potential purchaser.
5. Sell its benefits.
6. Agree a price based upon the best offers
7.Confirm agreed terms with a written Head of Terms.
8. Don't get involved in protracted negotiations.
9. Use an experienced commercial Lawyer.