Selecting a Broker
The growing presence of corporate practices ,often results in an approach being made before you are ready to sell. Therefore it is essential to know the value of your practice 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 business involvement with any corporates.
- They should know and understand the veterinary market.
- They should have the skills to deal with both sole traders and incorporated share sales.
- A veterinary practice broker should have the experience to know how much you could sell your practice for in the present market.
- They should also have the experience in negotiating with buyers to obtain the maximum value.
- They should maintain support throughout the sales process to completion.
- Any fees charged should be reliant upon success.
- Meet them
- Ask about their experience
- Ask about their success rate
- Ask about their charges