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.”
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
To sell your practice you must sell its benefits as well as the assets.
These must be presented in a fashion that both allows potential buyers to see the benefits of the practice, and must also show it to be a viable business proposition to potential lenders.
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.
This is dependent upon the financial make up of your practice i.e. Sole Trader, Partnership or Limited Company.
The legal and accounting work is far more extensive when selling a Limited Company, as the share value has to be calculated rather than simply the assets, hence there will be a marked increase in the associated costs.