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TransitionsElite is recognized as one of the top transitions advisors in the professional practice industry. Buying or selling a Veterinary, Optometry & Dental practice is a big decision. Learn more: https://transitionselite.com/ You have probably heard of veterinary practices selling their services to other veterinarians. What does it take to become a veterinary practice owner? Learn more: https://transitionselite.com/ There are two types of veterinary practices: those owned by individual vet... erinarians and those owned by groups of veterinarians. The latter group is called a veterinary hospital or clinic. A veterinary practice is a professional service organization that provides medical care to animals. Veterinary practices are usually run by a single veterinarian who has a team of support staff. The main difference between the two types of veterinary practices is ownership. In one case, the veterinarian owns the practice (or at least shares in its profits), while in the other case the practice is owned by a board of directors. In some cases, there is no distinction between these two types of veterinary practices. This can occur when the practice is operated as a division within a university. Why Do Veterinarians Sell Their Practices? When veterinarians sell their practices they are often selling the equipment and supplies they need to keep up with the latest advances in veterinary medicine. They also may be looking for a new challenge or a change in career direction. Other reasons include retirement, death, divorce, relocation, or downsizing. If you have been thinking about buying a veterinary practice, here are some things you should know before making your decision. How to Plan for the Sale? You need to plan ahead for the sale of your veterinary practice. It will take some work but you can make it easier on yourself if you prepare now. First, get rid of any personal items or furniture that could be damaged during the move. Then, clean up the house so it looks nice and ready to go. Finally, pack boxes and bags with your belongings. Make sure everything is labeled properly so you know where it goes when you unpack. If you are selling your veterinary practice through an agent, they should help you with these steps. The first thing you should do is to consult with your accountant. If you don’t know who to ask, talk to your local CPA firm. They will help you figure out what kind of business structure makes the most sense for your situation. In addition, they will provide advice on how to prepare your books for sale. How to sell your practice? You should start by asking yourself what you want out of this business. If you are looking for money, then consider selling your practice to an investor who will pay you cash upfront. If you are looking to get away from the day-to-day routine of running a medical practice, then consider selling your practices to a physician group or hospital system. A third option is to hire an investment banker to find buyers for you. What Is Selling Your Practice Like? When selling a veterinary practice, you should expect to spend time doing paperwork, negotiating contracts, and preparing the financial statements required by the buyer. However, you might not have much time to devote to these tasks because you will probably still be working full-time. So, it is important to choose an experienced real estate agent who is familiar with veterinary practice sales. What is the Purpose of a Broker? A broker is someone who helps you find a veterinary practice for sale or rent. They do this by finding properties that meet your needs and then presenting them to you. The broker may also help you negotiate a price with the seller or landlord. A broker is someone who acts as an intermediary between buyers and sellers. They help negotiate deals, and ensure both parties are satisfied with the outcome. The broker also helps keep track of all transactions and ensures they are recorded correctly. What is the Difference Between an Advisor and a Broker? An advisor is someone who helps you find a veterinary practice for your money, while a broker is someone who buys veterinary practices for you. A broker may be able to help you save money by finding you a better deal than what you would otherwise find yourself. However, brokers typically charge higher commissions than advisors do. Sell Now or Later? The best thing you can do for yourself is to sell now! If you wait until later, you may be too late. When you sell now, you're able to maximize your profits and avoid losing money. Also, when you sell now, you'll be able to close the deal faster and reduce the risk of losing the sale. You'll also be able to put the proceeds in a tax-advantaged account. The veterinary industry has long been dominated by large national chains with multiple locations. These practices often rely on expensive advertising campaigns to attract new patients. In addition, the cost of operating practice is high. As a result, most veterinarians work part-time and struggle to make ends meet. While it’s true that some vets are making more money than others, it’s not because they charge higher prices. Instead, the average salary is $40,000 per year, which isn’t enough to cover living expenses. This means that many veterinarians must supplement their income through private clinics, spay/neuter services, boarding kennels, or pet food production. Of course, there's another side to this story - one where the veterinarian works at home and makes his or her own hours. While this arrangement sounds appealing, it comes with its own set of challenges. For instance, if you decide to take this route, you'll need to have sufficient space to accommodate pets and equipment. It can also be difficult to schedule appointments around your family life. Contact us: https://transitionselite.com/More