The decision to sell your veterinary practice is one that you may face at some point in your career as a practitioner of veterinary medicine. The sale of your practice can seem like a daunting task and involves emotional and financial decisions. However, it is an opportunity for more financial freedom or even retirement.
In this article, our experts at Total Practice Solutions Group explore why vets choose to sell their practices, how you could sell your practice, and answer the question, “Why are corporations buying veterinary practices?”
5 Reasons Why Veterinarians Decide to Sell Their Clinics
Veterinary care practice owners decide to sell for a variety of reasons. Some may be looking for a change of pace, while others make the decision for financial reasons.
Veterinarians of all ages sell their practices regardless of their size or success. The following are among the most common reasons people sell their veterinary clinics:
- Retirement. This is the most common reason, as many veterinarians feel ready to move on from the profession and enter into a new stage of life.
- Changes in personal life. Deciding to move away, take medical leave, or take on a new career path could motivate someone to sell.
- Support. If a partner veterinarian leaves the practice, which leaves the other without enough support to keep it going.
- Investment. Veterinarians may want to invest in the person who purchases the practice as an additional way of earning money after they have sold it.
- Finances. Money concerns can play into someone’s decision to sell their veterinary practice. If they are struggling to make ends meet or need more capital for other ventures, selling the clinic might offer them some relief.
The Quick Guide to Selling a Veterinary Practice
With a thorough knowledge of your selling options, you can confidently choose the path that is best suited for you and your practice. Understanding this will set you up for success in whatever direction you decide to take. If you’re considering selling your practice, follow these steps:
- Understand how much a veterinary practice is worth. The value of your practice depends on overall profitability, practice size, brand quality, and more.
- Decide on a partial buy-in or complete buy-out. A partial buy-in can be an easier transition for you, but a buy-out is more simple financially.
- Evaluate your selling options. Determine if you want to merge with another practice, sell to a partner, or sell to a corporation. This will largely rely on what is available to you.
Why Are Corporations Buying Veterinary Practices?
Corporations are buying veterinary practices and veterinary hospitals to expand their presence in the animal care industry. They leverage existing resources and acquire new technology and expertise.
Should Vets want to try to upsell? The answer is yes. Veterinarians may want to build up the practice, then sell it for a profit to a corporation.
Contact Total Practice Solutions Group to Sell Your Veterinary Practice
Total Practice Solutions Group can answer questions like, “why are corporations buying veterinary practices?” and help you sell your veterinary practice straightforwardly and efficiently.