Veterinary Practice Transitions Client Testimonials

In the past three years alone, the Ackerman Group has helped more than 100 veterinary practice owners successfully transition their businesses. See for yourself what they have to say.

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Knowledgeable, Thorough, Professional

“I’ve had the pleasure of working with Gary on numerous transitions over the years and have participated in many educational events with him as well. I find Gary to be extremely knowledgeable, thorough, and professional in all of my experiences with him. As a former doctor, he has an especially valuable knowledge of the veterinary industry, what makes a practice profitable/successful, and what a potential seller can do now to make his/her practice more financially valuable in a sale situation. Gary is also well versed in tax related strategies which are of the utmost importance when selling a practice. I highly recommend Gary and his services to all prospective sellers.”

 

~ From a Veterinary Lender

Highly Recommend

“When presented with an opportunity to sell, I became aware of how little I knew about the process. If you have a personality that enjoys a steep learning curve and the assumption of unforeseen risk, do it yourself. If not, I highly recommend Ackerman Group.”

~ Ackerman Group client

Positioned for a Proper Sale

“Once you understand your valuation AND your business is positioned for a proper sale price, your education really begins.”

~ Ackerman Group client

Integrity and Dedication to Service

“In seminars I have attended on selling one’s practice, the speakers said begin planning the sale 5-10 years out. They were not kidding. Knowing how your practice is valued (everything excluding the land and building, if you own it) is ABSOLUTELY CRITICAL to avoid being underpaid. If it turns out that your practice, like mine was 10 years ago when I had it appraised, has low profitability, you will get much less than you think after the sale. I was shocked and really dismayed when I found out I could only get 50% of annual revenue for my four DVM practice.

Once you understand valuation AND have your practice positioned for a proper sale price, your education really begins. Know the difference between a stock sale and an asset sale? Do you know the differences in taxation between them? Do yourself a favor. Go talk to your accountant. Ask what taxes will be due on the sale and prepare yourself for some rough news. Did you know, in an asset sale, that the sales proceeds from inventory and equipment are taxed at your ordinary income rates? The rest, called Good Will, is taxed at a lower rate using Capital Gains tax rates (15 or 20% depending on your income that year). When I added it all up, I was about to give up almost 40% of the sales proceeds on taxes. I was shocked and dismayed yet again.

The real estate is a separate issue. If you lease your space, you will not be able to sell your practice unless the lease is assignable and has favorable terms for a buyer or the landlord will negotiate. If you (and the bank) own it, there will be capital gains taxes due on any increase in value from the time you bought it.

But there is hope! There are some complex ways to diminish the impact of these taxes on your nest egg. I highly recommend you look into these by calling Gary Ackerman, DVM of Business Transition Services, Inc. He is one of very few in the USA who has a broad knowledge base in taxation of business transitions and has an intimate familiarity with the business of veterinary medicine. I have found him to be a person of integrity and dedication to service.”

~ Ackerman Group client

Smoothing the Way

“The arrival of Ackerman Group should create a special opportunity for veterinarians who have an interest in either selling their practice or purchasing an existing practice.

Most veterinarians are pretty well up to speed with the medical issues of running a practice but run under a handicap when it comes to selling a practice.  Your guidance and help made the process of selling our eight-doctor practice relatively free of bumps in the road.  We want to thank you for your assistance.”

~ Ackerman Group client

There is more to the next stage than just walking away from your business.

“When we talk about transitioning a business that has been your life blood for many years, our attention generally goes to having the business valued, finding a lender, the tax consequences, etc. etc. However, while all of those things are important, and having the right person on your team to assist you getting all of those items handled correctly, another aspect of the transitioning process is equally important – what are you going to do the next morning after the sale takes place? Now I know there is more to moving to the next stage of your life than just walking away from your business. Have you looked at your total financial picture?  Have you thought about what you are going to do the “rest of your life?”

~ Ackerman Group client

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