your future | our business
Buying a practice may be the largest financial transaction of your life. That’s why you need Simmons to help you become a successful practice owner. Let us put our decades of success to work for you.
Simmons & Associates can help you achieve your dream of practice ownership. Becoming a practice owner lets you set the medical quality and level of client service and opens opportunities for financial achievement. Whether you’re looking for a companion, equine, mixed, or large animal practice, Simmons can guide you through every step of the buying process, from identifying the practice that’s the right fit for you to providing sample closing contracts and relationships with lenders. We take you from the first handshake to the first day you hold the keys to the practice in your hands.
Why should you buy a veterinary practice?
There is no greater personal satisfaction than to have a thriving business and know that you were responsible for its success. Besides setting the standards of care and level of client service you desire, the financial benefits of practice ownership can be significant.
Practice owners earn three paychecks for production, management, and ownership. Increased income can give you freedom from educational debt and let you take charge of your financial future, building a business with tremendous equity and net worth. Simmons works with many doctors who consider practice ownership after several years as associate veterinarians, having learned the ropes and now prepared to lead their own practices with a passionate vision.
What are the steps of the buying process?
Simmons & Associates will lead you through the entire buying process, answering your questions, providing practice valuations, interpreting financial information, handling negotiations and contracts, and introducing you to veterinary-friendly lenders. Financing the purchase of a veterinary practice has never been easier than it is today. Often veterinarians can even buy a practice with no money down. Our advisors can help you navigate the financial and ownership maze with unsurpassed expertise. We guide you through these steps when considering a practice listed with us:
Identify a Property
You can review properties listed on www.simmonsinc.com and note the listing numbers of practices you’d like to consider. Then electronically submit the Confidentiality Agreement to the appropriate regional office. We can also send you this agreement by mail or fax.
Receive and Review the Practice Profile
Study each aspect about the practices that interest you, from location to financial performance, and determine whether a specific practice will meet your needs.
Contact a Lender
We can introduce you to lenders familiar with our veterinary profession. Besides qualifying your credit, the loan application process lets you get additional services from the lender, who can provide an independent opinion of the practice’s price, calculate cash flow and determine if the practice price is workable for you, and conclude whether you’ll be able to satisfy the debt and expenses and still take home a satisfactory, comfortable paycheck. Basically, if the practice is not right for you, the lender will not lend the money. When using a lender recommended by Simmons, you may be able to apply for the loan with no upfront costs.
Schedule an On Site Visit
Once you identify practices that you‘re interested in pursuing, Simmons can coordinate a personal tour and meeting with the current owner. While there, try to envision yourself owning that practice and talk to the owner and ask questions, especially about the current owner‘s practice philosophy. Drive around and see the neighborhood to get a feel for the community. We prefer to have the owners show you the practices, since they are in the best position to discuss the details and nuances.
Obtain Financial Records
We will send you tax returns and financial records from the practice for review and help you understand every aspect of how your personal net cash flow is determined and welcome any input from your accountant.
Simmons can provide sample contracts and forms for your attorney to review and customize. We also can recommend attorneys with experience in veterinary practice acquisitions.
Agree to Terms
Once you and the seller agree on the practice price and terms, you’ll sign a legally binding contract.
After you’re approved for a loan, the lender will send you a commitment letter that outlines the loan’s interest rate, length, and number and amount of payments. Upon your acceptance of the commitment letter, the lender will process your loan.
Prepare for Closing
Simmons can provide guidance to help make sure no detail is overlooked as you prepare for closing and make your transition into practice ownership.
Closing and Transition
Now that you have the keys in hand, Simmons will help with suggestions and checklists to aid in a smooth transition.