Practice Sales

​The process of selling a Veterinary practice can be exceptionally challenging for those without experience in the practice transitions.  It’s a process that requires the leadership and guidance of an expert in the Veterinary practice field, as well as a comprehensive understanding of the steps involves in a business sale. The experts at OMNI Veterinary Practice Group have decades of experience helping practice sellers locate qualified buyers for a seamless business sale, and in this latest article, they explain the cons of completing a sale without a Veterinary practice broker.

The Seller May Not Receive Full Practice Value
A broker can help their client to achieve full value for the money they’ve placed into their business over the long-term. They can then work to obtain viable selling opportunities and to locate qualified buyers within the marketplace. Without this type of guidance, the seller may find their selling opportunities restricted.

Sellers are unable to Handle the Legal Aspects Alone
The legal aspect of a practice transition is often a critical element within the Veterinary practice sale process. Buyers will have their lawyers review the business’s paperwork and any issues they find must be analyzed closely by experts in the legal field. Brokers often have significant legal experience or have a legal team on their side and can help handle any challenges that arise during the transition process, while keeping the seller’s needs as the foremost consideration. The broker will be available at any time via phone or email to answer the seller’s questions and move the transaction process along. This can help prevent the seller from making poor choices and becoming embroiled in legal challenges.

The Seller Doesn’t Have Marketing Experience
When bringing a Veterinary practice to the marketplace, the seller must be able to highlight the advantages of their business in a way that attracts qualified buyers. Brokers are often experts in this area. They can use their experience to craft compelling marketing materials for the seller and use their experience in the marketplace to build target buyer lists and send out high-value content to these buyer lists.

​Sellers Cannot Handle Mediation with Buyers Alone
The buyer will likely have a lawyer driving their purchase process. The lawyer will be negotiating with the seller on all elements of the transaction, including the final price. Having a broker on-hand during this process ensures the broker can handle all mediation, negotiating on the seller’s behalf to get the right price and the ideal structure for the purchase.
Working with a qualified broker can help Veterinary practice sellers reduce their transaction challenges and secure a seamless sale. To learn more, speak with the team at OMNI Veterinary Practice Group at 877.866.6053 or visit their business website at omnipg-vet.com.

By planning their transition carefully and working with a trusted broker in the Veterinary practice marketplace, practice sellers can ensure each element of the process is completed smoothly. But first it’s important to learn more on the types of Veterinary practice transitions available for those considering a sale. In this article, the team at OMNI Practice Group explains the processes involved in several types of Veterinary practice transitions.

Partnership
Selling a portion of your practice via a partnership has its own pros and cons.  One of the pros is that if you can find a partner with similar interests and philosophies as well as a set of skills that enhances your practice and you get along well, you’ve found a winner.  The cons are that those types are difficult to find.  The ADA states that 70% of partnerships fail.  However, if done right using experts in partnerships, you can have a successful and happy partnership transition.

Walk Away Sale
A walk away sale involves the seller removing themselves and their business interests from the practice the moment the sale is completed. This could be ideal for those in the process of retiring or relocating to a new area across the country. But sellers must analyze whether they truly want to walk away from the business they helped create. To complete a walk away sale effectively, sellers must tie up all loose ends many weeks before the buyer completes their transaction. This ensures a seamless handover process and allows the buyer to immediately enter the business with a fresh start.

Sell and Work Back
This can often be very gratifying.  The seller sells 100% of the practice, but stays to work as an employee in the practice.  The seller may cut back their hours, or may keep up the pace.  The seller and buyer work together and the seller may even mentor the buyer.  The seller no longer has any management responsibility or ownership.  He simply does clinical veterinary medicine.  As long as the two get along, this can work wonderfully.

​Customized Transition
Working with a Veterinary practice transaction broker can help sellers customize the sale according to their unique requirements. Brokers are experts in managing the transition process, from organizing the timing of asset sales to implementing buy back procedures once the sale has been completed. It’s important the company the seller works with has a full understanding of their business plans before they begin the transition process, as this will help reduce potential issues as the transaction is completed.
By having a clear understanding on the available Veterinary practice transition options, owners can ensure the right model is found for their sale process. To learn more, speak with the trusted team at OMNI Veterinary Practice Group at 877.866.6053.

When beginning the process of selling a Veterinary practice, it’s imperative to work with specialists who have experience in selling Veterinary practices. Experienced transaction brokers can help Veterinary practice owners streamline the sale and achieve their ideal return on investment. The team at OMNI Veterinary Practice Group are specialists in this industry, and in their latest article they highlight five benefits of selling a veterinary practice through their services.

1. They Are Marketing Specialists

Working with a trusted industry specialist such as OMNI Veterinary Practice Group gives sellers access to a wider array of market options. Because the company’s staff has significant experience in the marketplace, they know how to quickly locate qualified buyers and to promote the seller’s practice in high visibility markets.

1. They’re Experts in Business Transitions

The specialists at OMNI Veterinary Practice Group have many years of experience in business transitions. They’ve helped hundreds of sellers to achieve their ideal objectives through the selling of their Veterinary practice. This means they can guide sellers throughout the entire process, from finding qualified buyers to completing negotiations and due diligence alongside the buyer’s legal team.

1. Frees Up the Business Owner’s Time

The work of Omni Veterinary Practice Group helps to support business owners in running their organization throughout the negotiations. They won’t have to take time away from their business to review the marketplace or to deal directly with buyer negotiations. They can leave all the work to the team at OMNI Veterinary Practice Group. This also means that they can retain the value of their company throughout the transaction, helping to support the on-going growth of the company and meet the needs of their patients while OMNI Practice Group responds to all transition requirements.

1. They can Prepare the Business for Sale

Because of OMNI’s experience in the marketplace, they know what it takes to prepare a company for sale. They can pinpoint structural issues within a business and help the seller to eliminate these structural issues before the sale begins. They can also highlight the elements the buyer will be analyzing during their due diligence, and complete processes areas such as the completion of all equipment paperwork to ensure every part of the transaction is in place before the sale begins.

1. They Seamlessly Close Business Transactions

The length of time a business transaction takes to complete can have a significant impact on a business owner and their finances. The team at OMNI works to reduce the timeframe of the sale and streamline the closing process. They ensure each element of the sale is completed according to the seller’s timeframe, and help reduce closing costs to ensure optimal value for the business.
Specialists for the sale of Veterinary practice businesses, OMNI is committed to working with sellers across the marketplace in finding qualified buyers for their practice. To learn more on the company and their services, contact their office team today at 877.866.6053.

Whether you have owned your veterinary practice for 40 years, or owned it for 5 years, selling your  practice does not mean you are done practicing.  We often meet with doctors who are sick and tired of managing their staff, doing the bookkeeping, playing the games with the government agencies, dealing with the ups and downs of the economy, changing environment of the profession and on and on.  The doctors are about to crack, but think they cannot yet sell their practice as, according to their CPA or financial advisor, are not yet financially ready to retire.  We counter this by asking them “who said you need to retire?”  You can “harvest your equity” and either work back in the practice, or go work for another practice.  What the CPA’s and financial advisors may not see is that your veterianry practice collections numbers are going down.  Or, your blood pressure is sky rocketing due to the above mentioned challenges of managing your practice to the point of a heart attack coming right around the corner.  If you have a good amount of equity in your practice, we can sell your practice and you can put the cash in the bank and work as an employee until you are ready to retire in 5, 10, 20 years, or as long as your heart desires.  Transitioning out of your practice may be the way to enjoy your profession again.