The Importance of Having a Good Team When Purchasing A Veterinary Practice

Buying a practice can be a daunting task.  That’s why it’s important to not only have the skills and education to analyze a practice, it’s also important to have a good team on your side.  On your team, you will want a Certified Public Accountant that has a big emphasis or specialization in your field.  They need to know the industry, numbers, etc., they should also be accredited in practice valuations.  The second person on your team will be a veterinary specific attorney.  There are too many idiosyncrasies to not have someone who doesn’t specialize in your field.  Non-compete provisions and other conditions are specific to veterinary medicine.  A banker that specifically works on practice loans is another important member.  They will know the reasons why a practice may be what it is and explain to the underwriters what’s going on in the practice.  You will also want a broker who has done many transitions.  Having an experienced broker will help make the transition as smooth as possible.  Another person that may be necessary is a veterinary consultant.  The consultant can help analyze the practice and make sure it’s what you are looking for.  Omni Practice Group has a list of many of these team members.  If you would like our preferred list of vendors, please e-mail us at info@omnipg-vet.com.