Selling Your PracticeApril 25, 2019
By Dr. John Bryk
Total Practice Solutions GroupÂ® (TPSG) are practice owners who understand the demands of veterinary medicine. We are part of a nationwide team providing not only brokerage services for sellers but also valuations and assistance with loans for buyers.
Our network of attorneys, accountants, lenders, and insurance agents will help sellers and buyers in the transition process.
Preparing Your Practice to Sell
The best time to improve the value of your practice is now. Keep good financial records, report all of your income to maximize the value of your practice, keep your office and equipment well maintained, and continue to grow your practice.
Financial statements should go back three or more years to determine growth patterns, but it is very important to continue to show growth even after your practice is listed on the market.
We confidentially determine the fair market value of your veterinary business by analyzing the practiceâ€™s historical operations and future profitability.
There are a variety of valuation methods and we will determine the best method to accurately
appraise the value of your tangible assets (building, equipment, and inventory) and intangible assets (reputation of the clinic, opportunities to grow, and the benefit of acquiring an established business with staff and clients).
Marketing Your Practice
Our team will prepare a professional write up about your office, including financial highlights,
history and growth opportunities, and detailed demographics. A thorough presentation of your practice improves your chances for a successful and timely sale.
Our role will be assisting both sides to reach a mutual agreement. We strive to make sure that the seller always is knowledgeable and receives the best tax consequences from the sale of the practice. You always maintain the final decision in choosing a buyer and sales price. You can choose to counter or accept an offer.
Closings are usually the most difficult part of the transaction. We will assist everyone to make the closing flow as smoothly as possible. We will assist you in obtaining all needed information as we coordinate attorneys, lenders, appraisers, escrow agents, and accountants for both sides. Our goal is to develop an exit strategy that promotes a smooth transition during the closing.
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