After building a successful career and establishing a respected practice, maybe you’ve started thinking about changing course.
Whether retirement is on your horizon, or you’re simply looking to take a step back to make time for other passion projects, we know selling a veterinary practice involves more than just setting a price. You need to make sure you leave your legacy to a new professional team that shares your values, and who will build upon the foundation you worked so hard to put in place.
There are many things to consider and evaluate before selling your practice, and Simmons has the experience to get the best return on your investment. A Simmons advisor can take you through all the steps of preparing, marketing, and selling your veterinary practice.
Selling your veterinary practice is the biggest procedure of your career, and the outcome will directly impact your future plans and legacy for years to come.
It’s essential to have the right team by your side.
Simmons is the leader in corporate and private veterinary practice sales, with nearly five decades of industry experience and knowledge. You will receive unmatched insight and expert advice in an open, honest, and transparent manner to help you realize your goals.
We are here to help with the big picture and the details, providing guidance and support in any situation—whether you need full representation, transaction facilitation, or just a practice valuation
When you list your practice with us, we will represent you and your best interests. We will weed out “window shoppers” and deal only with serious buyers and their advisors. This frees you up to continue practicing medicine without business interruption. Listing services include:
As a facilitator, we assist both you and your colleague through the steps of the practice sale, with both parties sharing the cost and us handling all of the details through closing. Having an outside expert facilitate your sale can help ease the transition with employees and vendors, resolve concerns that may arise during negotiations, and ensure a collegial relationship between the buyer and seller after the sale. Facilitation service includes:
A written valuation is a formal document that describes how we arrived at your practice’s value and details each part of our analysis. Our clients often comment on how detailed, clear, and precise our valuations are
It depends on your goals for selling and to whom you are selling. Regardless of your situation, you should sell when the practice is growing and you still have energy and enthusiasm. Too many wait until they burn out and the practice is stagnant or declining.
If selling a percentage to an associate, your timing would be when you both are ready. Of course, a critical factor here is the possibility of losing your treasured associate by procrastinating. If selling on the open market to an unknown owner-operator buyer, location and other factors determine the length of time it takes to sell. In this climate, it is not uncommon for practices in rural areas to take several years to sell. Some urban practices can also take significant time to sell if certain metrics or features are missing from the practice. If selling to an investment buyer, they typically want producing sellers to work a minimum of 2 years after the sale to help with transition.
While there are several different avenues to sell your veterinary practice, the most common and sound process includes first having your practice appraised by an experienced veterinary practice appraiser and broker. It is important that the appraiser also be a broker, as the appraiser not only will look at value that is driven primarily by practice profitability but will also consider salability, which helps drive value. In other words, a practice that is highly desirable will typically sell at a higher price than a practice that is not very desirable.
After the appraisal is completed, you will decide whether selling to an owner-operator veterinarian or an investment buyer is the best option for you. Your broker can help you weigh options and navigate whichever type of sale you decide best fits your needs and goals.
Just as a pet owner needs a veterinarian to diagnose and treat accordingly rather than “Dr. Google,” a practice owner needs a veterinary practice appraiser and broker. Without an individual highly experienced in veterinary practice acquisitions, a practice owner risks leaving money and terms on the table. Whether you’re selling to a corporate investor or owner-operator veterinarian, selling outright or forming a partnership, the right broker will help you reach the right price and terms to enhance salability and accomplish a smooth closing that will pass the test of time. The broker will also ensure the transaction is proceeding accordingly and any potential stumbling blocks are overcome or at least addressed.
Not necessarily. Yes, younger veterinarians desire the newest and most modern equipment, which often comes with a boost to income and profitability. This makes the practice more desirable and salable. However, the cost of the equipment and timeframe to earn a return on the investment must be considered. The buyer will expect all equipment to be conveyed to them free and clear of all liens at closing. Therefore, if you are expected to pay off all equipment for the practice sale, you also deserve to enjoy using the “new toy.” While it is important for practice owners to keep up with modern medicine, it should be done throughout the life of ownership and not a mass purchase of everything new to prepare for a sale.
Furthermore, new equipment purchases sometimes take time to pay for themselves and can cost the practice money if not being used enough and fees charged appropriately. This could result in loss of profit, which will negatively impact practice value.
A business broker has knowledge and experience with mergers and acquisitions of all sorts of businesses ranging from human medical & dental practices to gas stations to restaurants to accounting & legal firms. This wide array of experience is great for many businesses, but veterinary practices are different. We have specific KPIs and benchmarks to be considered and many other nuances in our profession that any general business broker would not be privy to.
Furthermore, there are many lenders willing to dole out financing for general business acquisitions, but they do not understand the complexities of veterinary practices and how they are financed, thus are often not willing to finance the asking price. A skilled, veterinary-specific broker knows this profession well. They know the right lenders for each unique transaction and know how to consider each transaction in a silo rather than confining it to a box of how every other business is appraised. Those of us at Simmons have been entrenched in the veterinary profession, many of us growing up in it or owning our own practices. We have greater than 200 years of combined experience in veterinary practice appraisals and brokerage alone.
It depends on your current level of production and current role in the practice, as well as which corporate group you’re selling to and several other factors. Let’s talk about your needs and desires and how we can help you accomplish your goals. Nevertheless, one should anticipate at least two years unless there are mitigating circumstances.
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After building a successful career and establishing a respected practice, maybe you’ve started thinking about changing course.
Whether retirement is on your horizon, or you’re simply looking to take a step back to make time for other passion projects, we know selling a veterinary practice involves more than just setting a price. You need to make sure you leave your legacy to a new professional team that shares your values, and who will build upon the foundation you worked so hard to put in place.
There are many things to consider and evaluate before selling your practice, and Simmons has the experience to get the best return on your investment. A Simmons advisor can take you through all the steps of preparing, marketing, and selling your veterinary practice.
Selling your veterinary practice is the biggest procedure of your career, and the outcome will directly impact your future plans and legacy for years to come.
It’s essential to have the right team by your side.
Simmons is the leader in corporate and private veterinary practice sales, with nearly five decades of industry experience and knowledge. You will receive unmatched insight and expert advice in an open, honest, and transparent manner to help you realize your goals.
We are here to help with the big picture and the details, providing guidance and support in any situation—whether you need full representation, transaction facilitation, or just a practice valuation
When you list your practice with us, we will represent you and your best interests. We will weed out “window shoppers” and deal only with serious buyers and their advisors. This frees you up to continue practicing medicine without business interruption. Listing services include:
As a facilitator, we assist both you and your colleague through the steps of the practice sale, with both parties sharing the cost and us handling all of the details through closing. Having an outside expert facilitate your sale can help ease the transition with employees and vendors, resolve concerns that may arise during negotiations, and ensure a collegial relationship between the buyer and seller after the sale. Facilitation service includes:
A written valuation is a formal document that describes how we arrived at your practice’s value and details each part of our analysis. Our clients often comment on how detailed, clear, and precise our valuations are
It depends on your goals for selling and to whom you are selling. Regardless of your situation, you should sell when the practice is growing and you still have energy and enthusiasm. Too many wait until they burn out and the practice is stagnant or declining.
If selling a percentage to an associate, your timing would be when you both are ready. Of course, a critical factor here is the possibility of losing your treasured associate by procrastinating. If selling on the open market to an unknown owner-operator buyer, location and other factors determine the length of time it takes to sell. In this climate, it is not uncommon for practices in rural areas to take several years to sell. Some urban practices can also take significant time to sell if certain metrics or features are missing from the practice. If selling to an investment buyer, they typically want producing sellers to work a minimum of 2 years after the sale to help with transition.
While there are several different avenues to sell your veterinary practice, the most common and sound process includes first having your practice appraised by an experienced veterinary practice appraiser and broker. It is important that the appraiser also be a broker, as the appraiser not only will look at value that is driven primarily by practice profitability but will also consider salability, which helps drive value. In other words, a practice that is highly desirable will typically sell at a higher price than a practice that is not very desirable.
After the appraisal is completed, you will decide whether selling to an owner-operator veterinarian or an investment buyer is the best option for you. Your broker can help you weigh options and navigate whichever type of sale you decide best fits your needs and goals.
Just as a pet owner needs a veterinarian to diagnose and treat accordingly rather than “Dr. Google,” a practice owner needs a veterinary practice appraiser and broker. Without an individual highly experienced in veterinary practice acquisitions, a practice owner risks leaving money and terms on the table. Whether you’re selling to a corporate investor or owner-operator veterinarian, selling outright or forming a partnership, the right broker will help you reach the right price and terms to enhance salability and accomplish a smooth closing that will pass the test of time. The broker will also ensure the transaction is proceeding accordingly and any potential stumbling blocks are overcome or at least addressed.
Not necessarily. Yes, younger veterinarians desire the newest and most modern equipment, which often comes with a boost to income and profitability. This makes the practice more desirable and salable. However, the cost of the equipment and timeframe to earn a return on the investment must be considered. The buyer will expect all equipment to be conveyed to them free and clear of all liens at closing. Therefore, if you are expected to pay off all equipment for the practice sale, you also deserve to enjoy using the “new toy.” While it is important for practice owners to keep up with modern medicine, it should be done throughout the life of ownership and not a mass purchase of everything new to prepare for a sale.
Furthermore, new equipment purchases sometimes take time to pay for themselves and can cost the practice money if not being used enough and fees charged appropriately. This could result in loss of profit, which will negatively impact practice value.
A business broker has knowledge and experience with mergers and acquisitions of all sorts of businesses ranging from human medical & dental practices to gas stations to restaurants to accounting & legal firms. This wide array of experience is great for many businesses, but veterinary practices are different. We have specific KPIs and benchmarks to be considered and many other nuances in our profession that any general business broker would not be privy to.
Furthermore, there are many lenders willing to dole out financing for general business acquisitions, but they do not understand the complexities of veterinary practices and how they are financed, thus are often not willing to finance the asking price. A skilled, veterinary-specific broker knows this profession well. They know the right lenders for each unique transaction and know how to consider each transaction in a silo rather than confining it to a box of how every other business is appraised. Those of us at Simmons have been entrenched in the veterinary profession, many of us growing up in it or owning our own practices. We have greater than 200 years of combined experience in veterinary practice appraisals and brokerage alone.
It depends on your current level of production and current role in the practice, as well as which corporate group you’re selling to and several other factors. Let’s talk about your needs and desires and how we can help you accomplish your goals. Nevertheless, one should anticipate at least two years unless there are mitigating circumstances.