Planning Your Exit Strategy
When is the right time to start thinking about selling your practice? The answer might surprise you! Fortunately, Simmons & Associates can help you to plan your strategy for selling your practice to achieve maximum profit and ensure a smooth transition. It doesn’t matter where you are in your career as a veterinary practice owner, Simmons can […]
Why You Need a Veterinary Practice Purchase Feasibility Analysis
David McCormick MS and Sherry Everhart BS, CVT – Buying a practice is often a better alternative to starting a practice. An existing practice has a facility equipped with trained staff, and it serves an established client base. Most significantly, it has an existing level of profitability. These attributes can help a new owner avoid […]
Can You See Your Veterinary Practice Exit?
By David King, DVM, CVASimmons Southcentral Wow, 2020 was rough but like most challenges veterinarians persevered. Now it’s 2021 and there are new issues facing practice owners deciding on an exit strategy. There seems to be a shortage of veterinarians which may good if you are looking for a job but bad if you are […]
Questions I Should Have Asked When Selling My Veterinary Practice to a Consolidator
When it comes to practice ownership, we are living in a gilded age, or time of rapid economic growth, for many. Owners have a “bull market” of buyers from the corporate consolidator realm seeking their favor, but this is not news anymore. So many have “cashed out” well beyond their financial expectations. They do not […]
Should I Sell My Veterinary Practice and Real Estate Together?
There are many things to consider when selling your veterinary practice, including whether to sell the real estate along with the practice. Many owners do not think they should sell or can sell the real estate too. We hear the following reasons for this doubt. Rental Income The sellers want the rental income. This may be […]
Exit Strategy Checklist – Preparing Your Veterinary Practice For Sale
Click here for a printable PDF of this article: Exit Strategy Checklist 3 years before putting your veterinary practice on the market: 1 year before putting your practice on the market: Selling a veterinary practice is often the largest financial transaction made during a doctor‘s lifetime and involves much more than just setting a price. […]
Is Your Veterinary Practice Exit Strategy Up To Date?
While this year always sounded like it was in the distant future, here it is. With it comes a unique opportunity to capitalize on your hard work and either sell your practice or work on a sound exit strategy. Following cultural events such as an election of a fluctuating economy, it can be challenging to […]
Be Prepared: How the Scout Motto Applies to Veterinary Practice Owners and Exit Strategies
Baby boomers are getting older. Today’s average baby boomer is approximately 63 years of age, and by 2025, all baby boomers will be over the age of 60. For those in the veterinary industry, this has clear implications on the number of practice owners exiting their business. Baby boomers are unique, and unlike Generation X’ers […]
Should I Let the Buyer Work in the Practice Before the Sale?
Once a buyer and seller have agreed on a price, they are both eager to finalize the sale. Each party is ready to begin a new life. This makes the buyer extremely eager to begin working in the practice. Sometimes, the seller is happy to have the buyer help run the practice. However, there are […]