For many veterinary practice owners like you, when the time comes to sell your practice it’s very common not to know where to start. Selling a veterinary practice is complicated. Thankfully, there’s an alternative to doing all the research, negotiating, and navigating the intricacies of the sales process yourself. Here’s how a veterinary broker can help:
1. Save Time and Effort.
We understand you’re busy. Researching the process of selling a veterinary practice is much easier said than done. The tasks of pitching to dozens of prospective buyers, negotiating multiple offers, and managing the closing process through lawyers, accountants, and landlords all require a great deal of time and effort.
When using a veterinary broker, you’ll take the guesswork and heavy lifting off your shoulders. Veterinary brokers are not only familiar with the intricate selling process, they are also equipped with exclusive selling expertise and market knowledge. That leaves more free time for you and fewer headaches.
2. Negotiate for the Best Deal.
Did you know, most owners without a veterinary broker will accept the first offer they receive, instead of asking for better terms? We get it. No one enjoys hard-nosed negotiations, veterinarians included. And, with over 35 corporate buyers in the veterinary space, it’s extremely difficult to navigate which buyer would be the best fit for you and your practice.
Thankfully, veterinary brokers are skillful negotiators and have good working relationships with most corporate buyers. Your practice will be presented to the best buyers with the right price, terms, and fit for you. Allowing a veterinary broker to help you choose the best options can save a ton of time and hassle. Not to mention, your practice value could increase as much as 33% when using a veterinary broker!
3. Provide an Understanding of the Selling Process.
Just like when selling a home, hiring an experienced professional to manage each aspect of the sale will allow for a smooth sailing process. As this is one of the most important financial transactions of your lifetime, you’ll want to consider using a veterinary broker during the sale of your veterinary practice.
Veterinary brokers will help you understand the exact documents you need for a thorough evaluation of your practice. This extensive process includes data collection, due diligence, and the broker interfacing with your advisors – accountants, insurance brokers, benefit brokers, and more – to ensure all data is accurately collected. Veterinary brokers can also explain and measure your normalized EBITDA, risk factors, and how your purchase price multiple is calculated. The breadth and depth of knowledge you’ll receive will put your practice in the best position to receive substantially higher value offers.