How to Get Your Team in Place before Selling Your Veterinary Practice
If you are thinking of selling your practice in the next 3-5 years, now is the time to start the process! This will probably be the biggest asset you will ever sell and you want to maximize the value of that asset.
This process starts with building a team of industry-specific advisors to assist you in this process, and some of you are good business savvy owners. However, we recommend getting assistance from people who do this on a daily basis and you will get maximum value and minimum taxes.
The professionals we recommend are:
- Veterinary Specific Broker- This person can evaluate where your value is today and recommend ways to increase profitability in your practice. Brokers realize the market conditions and will be able to help you maximize the sale price of your practice.
- CPA- Most veterinarians have a CPA that has done their taxes over the years but now might be the time to reach out to a veterinary-specific CPA that specializes in tax law. This could save you thousands of dollars in income tax related to your sale. We recommend that you have a conversation with a CPA who works with at least 25 veterinary clients.
- Attorney- In practice sales, we recommend Veterinary Specific Attorneys that handle these specific transactions routinely. These attorneys will save you in attorney fees and headaches in the future.
If you are an owner and are looking to sell in the near future or in the next 3-5 years, the professionals at TPSG would like to give you a free consultation regarding the sale of your practice. Give us a call!
Dr. Len Jones | Total Practice Solutions Group |11911 US HWY 80 W | Shorter, AL 36075 | Office phone: 334-727-2067 | Fax: 334-727-5105