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There is no greater personal satisfaction than having a thriving business and knowing that you were responsible for its success. As a veterinary practice owner, you set the quality of care and level of client service and enjoy opportunities for significant financial achievement.
The increased income from being a practice owner can give you freedom from educational debt. Building a business with tremendous equity and net worth can let you take charge of your financial future.
Never miss out on a veterinary practice opportunity! By signing up for our Practice Watch email list, you’ll be notified instantly when new practice listings hit the market.
Simmons provides expert guidance and services for buyers:
A Simmons advisor can help you find the best opportunity for you. To get started, contact your regional Simmons advisor today. We can provide guidance and assistance in any practice purchase situation.
We can help if you want to purchase a practice currently listed with Simmons. Under our paid contract with the seller, part of our job to help with the sale of the practice includes assisting the buyer throughout the entire process. Buyer services when purchasing a practice listed through Simmons are delivered at no cost to the buyer, including:
We can represent you and your best interests when buying a practice by acting as the mediator between you and the seller. Representation includes:
As a facilitator, we assist both you and the owner through the steps of the practice sale, with both parties sharing the cost. Facilitation typically involves associate veterinarians seeking to buy all or part of the practice from the current owner. Facilitation services include:
A practice valuation gives a fair market value of the practice and includes a detailed, clear, and precise report, with our regional expertise and national reach, including an explanation of our valuation methods. The practice appraisal is a vital instrument that you can provide to the owner to support your offer. The valuation can provide a second opinion on the seller’s appraisal or requested selling price or help the buyer determine a fair offer if the owner has not set a price.
Buying a practice may be the largest, most complex, yet most rewarding financial transaction of your life.
Simmons will lead you through the entire buying process by answering your questions, providing practice valuations, interpreting financial information, handling negotiations and contracts, and introducing you to veterinary-friendly lenders.
We guide you through these steps when considering a practice listed with us – although some steps vary if we are representing you in your purchase of a practice not listed with us:
You can review properties listed on our site, note the listing numbers of practices you’d like to consider, and electronically submit the Confidentiality Agreement to the appropriate regional office. We can also send you this agreement by mail or fax.
Study each aspect of the practices that interest you, from location to financial performance, and determine whether a specific practice will meet your needs.
Financing the purchase of a veterinary clinic has never been easier than it is today. Often veterinarians can even buy a practice with no money down.
We introduce you to lenders familiar with the veterinary profession. Besides qualifying your credit, the loan application process lets you get additional services from the lender. A lender can provide an independent opinion of the practice’s price, calculate cash flow, determine if the practice price is workable for you, and conclude whether you’ll be able to satisfy the debt and expenses while still taking home a satisfactory, comfortable paycheck. When using a lender recommended by Simmons, you may even be able to apply for the loan with no upfront costs.
Simmons will coordinate a personal tour and meeting with the current owner. We prefer to have the owner show you the practice, as they are in the best position to answer your detailed questions, tell you about their clientele and community, and outline the current vet practice sales philosophy.
We will send you tax returns and financial records from the practice and help you understand every aspect of how your personal net cash flow is determined. We also welcome any input from your accountant.
Simmons can provide sample contracts and forms for your attorney to review and customize. We can also recommend attorneys with experience in veterinary practice acquisitions.
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 outlining the loan’s interest rate and length, as well as the number and amount of payments. Upon your acceptance of the commitment letter, the lender will process your loan.
The most challenging part of any sale is usually the point of contract, getting financing together, and orchestrating all closing details among all parties – the buyer, seller, professional advisers for both parties, and the lender.
Unpredictable, unique challenges surface with almost every transaction, but Simmons provides guidance to help make sure no detail is overlooked as you prepare for closing and make your transition into practice ownership.
Now that you have the keys in hand, Simmons will help with suggestions and checklists to aid in a smooth transition.
If you are ready to take your first steps towards veterinary practice ownership, contact your regional Simmons consultant.
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