Welcome to Practice Acquisition: What Should a Buyer Expect?
There is no doubt that today’s Veterinary Practice sales market has evolved into a world of complexities and a rapidly changing playing field. The simplicity of choosing a practice you want to buy, securing financing, and then closing the deal rarely exists in today’s market. The multiple options in financing, the influx of corporate consolidators, the array of lab/vendor agreements with practices and the inventory of available practices on the market have all created an environment that requires both patience and persistence by buyers.
The good news is that an experienced Veterinary Practice Broker can walk a buyer through each and every one of these challenges. Below is a list of services that a Broker can provide that will make the acquisition process much easier:
- Assist in locating and identifying the right practice to fit the buyers needs
- Provide a Valuation/Appraisal for any desired practice to be sure the buyer is not overpaying.
- Provide and negotiate a Letter of Intent as an offer for any desired practice
- Provide Bank contacts for optimal financing options within the industry and provide the Bank with all appropriate cash flow information regarding the practice.
- Provide assistance with the Due Diligence review to verify financials, and other pertinent practice information.
- Connect buyer to appropriate legal assistance for negotiation and development of the proper contracts.
- Coordinate with the Lender, the legal team, the title company and the Seller for a smooth closing at a time and place mutually agreeable to all parties.
- Assist with transition items at the time of, and just after closing.
It is imperative that if you are exploring the practice acquisition world that you find a competent, experienced Broker that can guide you through this complex process. It is also essential to enter the process with a strong dose of patience, persistence, and a high level of emotional intelligence.
Reach out to your local TPSG Broker to meet with them if you are in the market to buy a practice.
Richard Alker, DVM
Master Certified Negotiation Expert
Total Practice Solutions Group
Veterinary Practice Sales & Appraisals
11401 N. Magnolia Ave.Ocala, FL 34475
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