As rewarding as having one’s own veterinary practice may be, there does come a time when selling is the best option. If you’ve been thinking that a sale is in your future, but you’re still unsure, read on to learn more about how you can approach this pivotal decision. We’ll explain why veterinarians choose to sell their practices, how to tell if it’s time to sell yours, and how Total Practice Solutions Group makes the process hassle-free.
Why Veterinarians Sell Their Veterinary Practices
Running a veterinary hospital is a huge undertaking that requires daily time commitments and energy. It requires administering an entire staff, taking care of complex channels of overhead, and managing operational costs. It’s no small feat and after years or decades of running your own practice, many find themselves wanting a change.
Veterinarians sell their practices for several reasons, including:
- Retirement
- Changes in their personal lives
- A partner veterinarian is leaving the practice
- The desire to invest in the buyer of the practice
Signs that Might Mean It’s Time to Sell Your Practice
Retirement isn’t the only event or milestone to look out for when considering to sell your veterinary practice or not. Below are some of the signs that mean it may be time to move forward in another direction.
Lack of Career Fulfillment
Your long-held dream may have been to care for animals in your own veterinary practice. However, if you just aren’t fulfilled in your practice any longer and want to try something new, such as a new business venture, it could be the right time to sell. Having that freedom or liquidity to jump start your next chapter can be a game-changer and a huge advantage!
Managing a Health Concern
Managing a veterinary practice requires many hours of work (not to mention blood, sweat, and tears), and sometimes this comes at the expense of your health. If you are dealing with a personal health concern, you may need to sell your practice and focus on your health. This can be a hard decision to make, but ultimately your health is your top priority.
It’s best to decide to sell your practice before your health concern worsens and you can’t enjoy the fruits of all of your hard work.
You’re Ready to Have More Financial Freedom
Another sign that you may be ready to sell your veterinary practice is if you want greater financial freedom. Having to go to your veterinary office every day and rely on your practice for income can feel limiting. You have built an amazing practice, and selling it gives you the option to enjoy financial freedom now.
How to Sell Your Veterinary Practice with Total Practice Solutions Group
If you decide to sell your veterinary hospital, a Total Practice Solutions Group specialist can help. We will help you to find potential buyers and walk you through all the aspects of the process, ensuring a smooth transaction.
At Total Practice Solutions Group, you will get a comprehensive consultation. We will consider the real estate location, gross revenue, EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization), and more to help you get the best selling price.
Contact Total Practice Solutions Group for a confidential consultation and to get the help you need to sell your veterinary practice. Speak with one of our experienced brokers at 1-844-908-2967 today.