It’s no secret that the veterinary profession is changing. More and more vets are choosing to leave their practices for other opportunities in the industry, like research or teaching. But with change comes opportunity! If you’re one of many veterinarians who have made the decision to sell your practice, then this article is made just for you!
Consider your reasons for selling
The first step to selling your veterinary practice is to consider why you’re doing it.
Are you retiring? Are you ready for a life change? Or are there other, more industry-related reasons at play here?
For example, if the demands of running a small animal exclusive practice have gotten too overwhelming, then an emergency clinic might be the perfect fit! If this sounds like what made up your mind about letting go of your practice or perhaps even downsizing, then keep reading!
You’ll find some great tips below on how to prepare yourself and stand out from the crowd when marketing yourself as an experienced vet looking for something new. There are valuation services made for Veterinarians that can help you in this process. On the other hand, if retirement isn’t in store just yet, but you do feel that it’s time to move on, then you’ll want to think about the next stage of your career. Will it be consulting? Teaching? A new job in an animal hospital or research facility?
Determine the value of your practice
Whether you’re selling your practice because of retirement or other industry-related motivation, it’s important to think about the value that your veterinary business holds. This is critical when marketing yourself as a veterinary professional looking for work! It can be difficult to determine this number on your own, but there are some great resources out there made just for this purpose.
For example, AVMA has a Veterinary Business Valuation Tool that allows vets and their staff members to input various data points in order to get an accurate estimate of what they’d receive if they sold their practice today! A tool like this will give you all the information you need, so don’t feel intimidated by numbers. Just let them guide you along until things start making more sense – remember: this is your business, and you know it better than anyone else.
When determining the value of your practice, don’t forget to take into account all that goes on behind closed doors! You may have made plans for a replacement doctor or made changes that affect both employees and clients- these are important factors in understanding how many potential buyers might be willing to pay for this veterinary clinic.
Decide on a timeline and set goals to meet that timeline
It’s important to set a timeline for yourself when planning the sale of your veterinary clinic. This will help you stay on track and keep motivated throughout all stages of the process! Whether this is made up of days, weeks, or months – it doesn’t really matter as long as you’re comfortable with it.
Take some time before setting any goals to determine what you want out of selling your practice so that no opportunities are missed. For example, do you need to be completely moved out by a certain date? Are there specific things about your business that must remain confidential until after the move-out date has passed? Knowing these answers ahead of time helps ensure successful negotiations later down the line.
Prepare for the sale process
Create an inventory, contact veterinary schools with openings, update the business website/social media accounts, and conduct an internal review of your veterinarian’s license.
An inventory is made up of all the equipment, supplies, documents (including licenses), product inventories, computers/technology items used to make up your veterinary practice.
Creating this list before you start marketing can help prospective buyers see what they might be getting for their money instead of working it out later on once negotiations have already begun! Don’t forget about any medical records that are made up by clients or employees – these may need to go with you if you decide to change careers or take some time off from work entirely.
Set up a business website
If you don’t already have one, now is the time to set up an updated veterinary practice website that reflects your unique style and personality. After all, this is how people are going to get in touch with you once they’ve made it past the “About Us” page! Make sure every detail about your site is accurate down to the last phone number – double-check any spelling or grammar mistakes so nothing leaves a bad impression on potential clients.
There are a lot of reasons for selling your veterinary practice. Maybe you’re feeling burnt out, or maybe it just doesn’t feel like the right time to retire yet. No matter what your reason is, there are some important things to consider before making any decisions about how and when to sell your business.
We recommend starting by determining the value of your business so that you can have an idea of pricing expectations from potential buyers, as well as being able to accurately project earnings during the sale process. It may also be helpful (and less stressful!) if you set specific goals and timelines for meeting those goals with regards to marketing and other activities in order to prepare yourself for this transition phase of life!
